Stones in a box N=CR/T is called an estimator. Give me any box of stones, i can use the same "method"or procedure"or formula to estimate the number of stones. Give me a specific box of stones, I can give you an estimate of the number of stones in that box (using the estimator N=CR/T). For example, I estimate that there are 510 stones in the box 510 stones is an estimate of number of stones in the box Ka-fu Wong C2007 ECON1003: Analysis of Economic Data Lesson 1-11Ka-fu Wong © 2007 ECON1003: Analysis of Economic Data Lesson1-11 Stones in a box N=CR/T is called an estimator. Give me any box of stones, I can use the same “method” or “procedure” or “formula” to estimate the number of stones. Give me a specific box of stones, I can give you an estimate of the number of stones in that box (using the estimator N=CR/T). For example, I estimate that there are 510 stones in the box. “510 stones” is an estimate of number of stones in the box