One Obvious Advantage of Stratified Sampling Is That We Obtain

question 3

True/False

One obvious advantage of stratified sampling is that we obtain separate estimates within each stratum - which we would not obtain if we took a simple random sample from the entire population.A more important advantage is that we can increase the accuracy of the resulting population estimates by using appropriately defined strata.

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Definitions:

Variable Production Costs

Costs that vary directly with the level of production, such as materials, labor, and utilities needed for manufacturing.

Absorption Costing

An accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed manufacturing overhead) in the cost of a product.

Unit Product Cost

The total cost (both fixed and variable) associated with producing a single unit of a product.

Unit Product Cost

The total cost involved in manufacturing or producing one unit of a product, including materials, labor, and overhead.