Managers Need an Understanding of Statistics to Be Able to Present

question 32

True/False

Managers need an understanding of statistics to be able to present and describe information accurately,draw conclusions about large populations based on small samples,improve processes,and make reliable forecasts.

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Definitions:

Law of Demand

A principle that states there is an inverse relationship between the price of a good and the quantity of it buyers are willing to purchase. As the price of a good increases, consumers will wish to purchase less of it. As the price decreases, consumers will wish to purchase more of it.

Tuna Sandwiches

A type of sandwich made primarily with tuna and other ingredients such as mayonnaise and celery.

Demand for Margarine

The consumer desire or market requirement for margarine, reflecting how much of the product people are willing and able to purchase at a given price.

Income Rises

A situation where there is an increase in the amount of earnings received by an individual, household, or economic entity.