Biased statistic for estimating a population characteristic

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Reference no: EM131820554

a. Why is an unbiased statistic generally preferred over a biased statistic for estimating a population characteristic?

b. Does unbiasedness alone guarantee that the estimate will be close to the true value? Explain.

c. Under what circumstances might you choose a biased statistic over an unbiased statistic if two statistics are available for estimating a population characteristic?

Reference no: EM131820554

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