Shopping provides a really good example of the value of estimation. Most people have a rough idea of how much they have to spend in a given shopping trip. While you could pull out the old cell phone calculator and add up all of your purchases to the cent, who has time for that? Instead, it's helpful to round prices to easy-to-use numbers and keep rough track of the total. Use this idea to estimate the total cost of the group of items. 2 Pairs of jeans ($24.98 and $32.72) 1 three pack of socks ($7.83 per pack) 5 workout shirts ($11.83 each)

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Q: If the percent decrease is 25%, what is the common ratio?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.