For the Normal Approximation to Be a Good Approximation for Binomial

question 45

Multiple Choice

For the normal approximation to be a good approximation for binomial distribution, n*p must be greater than ___________.

• A)50
• B)5
• C)0.5
• D)0.05
• E)0

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Definitions:

Price Ceiling

A legally enforced upper limit on the price that can be asked for a product or service, beyond which it is not permissible to go.

Equilibrium Price

The market price where the amount of goods sellers are willing to sell equals the amount of goods buyers are willing to buy, creating a state of balance in the market.

Shakespeare in the Park

An outdoor festival or event where plays written by William Shakespeare are performed, typically in public parks.

Price Ceiling

A regulatory limit on the price that can be charged for a particular good or service, intended to keep it affordable.