The Binomial Distribution Can Be Well Approximated by the Normal

question 57

True/False

The binomial distribution can be well approximated by the normal distribution when the number of trials n is sufficiently small and the probability of success p is not too close to 0 or 1.

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Definitions:

Marginal Cost

The cost incurred by producing one more unit of a product or service.

TVC

TVC, or Total Variable Cost, encompasses the expenses that change in direct relation to the level of output produced, such as raw materials and labor costs.

TFC

Total Fixed Costs, which are expenses that do not change regardless of the level of production or business activity.

Marginal Cost

Marginal cost is the change in total production cost that arises when the quantity produced is incremented by one unit.