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A work sampling study requires an acceptable error level of ± 10 percent and 95 percent confidence.
(a) What is the required sample size if the sample proportion busy is as large as 50 percent?
(b) What is the required sample size if the sample proportion busy is estimated to be about 20 percent?
Price Index
A measure showing the average level of prices for a specific set of goods and services over a period, indicating inflation or deflation.
Base Year
A specific year chosen as a point of reference or comparison for financial or economic data.
Price Index
A statistical measure that shows changes in the price level of a basket of consumer goods and services over a period of time.
Inflation Rate
The percentage rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
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