List the Factors That You Should Consider When Determining the Appropriate

question 59

Essay

List the factors that you should consider when determining the appropriate sample size to be selected when using random sampling.

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Definitions:

Total Product

The overall amount of products made by a company within a specific timeframe.

Marginal Product

The additional output produced by using one more unit of a variable input, holding other inputs constant.

Labor Input

The amount of work or effort provided by employees or workers that is used in the production of goods and services.

Total Product

The total output or production achieved by a firm or economy at a given level of input.