ABC Incorporated Wants to Find Out the Proportion of Customers

question 16

Multiple Choice

ABC Incorporated wants to find out the proportion of customers who would purchase their new product.They have decided to take a modest sample, look at the results, and then decide if more information, in the form of a larger sample, is needed.ABC is using

• A)simple random sampling.
• B)biased random sampling.
• C)stratified sampling.
• D)sequential sampling.
• E)none of the above. Use the following information for questions 15 through 17 A soap factory produces 500-pound boxes of soap for industries.However, the weight of the boxes varies somewhat due to the process.Assume that the weight of each box is distributed normally with Mean == 500 pounds variance =² = 25 pounds² Quality control takes a random sample of 25 boxes per day.Let the weight of these boxes be denoted as X₁, X₂, ..., X₂₅.

---

Definitions:

Optimal Act

The best possible action or decision in a given situation, often based on maximizing efficiency or effectiveness.

Expected Value

The long-term average value of a random variable over many repetitions of an experiment.

Expected Value

The long-term average or mean of random variables, representing the central tendency.

Perfect Information

A condition in decision theory and economics where all participants have full and identical knowledge about the actions others can take.