Suppose There Are 500 Accounts in a Population

question 52

Multiple Choice

Suppose there are 500 accounts in a population.You sample 50 of them and find a sample mean of $500.What would be your estimate for the population total?

• A)$5,000
• B)$50,000
• C)$250,000
• D)$500,000

Understand the concept and applications of data visualization in business communication.

Recognize the different types of charts and graphs used in data presentation and their specific purposes.

Understand the principles of comparing sets of data using visual aids.

Identify the significance of time and quantity axes in trend analysis.

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Definitions:

Bayes' Law

A theorem in probability theory used to update the probability of a hypothesis as more evidence or information becomes available.

Posterior Probability

The probability of an event or hypothesis after taking into consideration new evidence or information.

Prior Probabilities

The probabilities that are assigned to events or hypotheses before any relevant evidence is taken into account, used in Bayesian analysis.

Likelihood Probabilities

Measures of how probable different outcomes are, given a specific set of observed data, in statistical analysis.