Random Samples of Size 100 Are Taken from an Infinite

question 5

Multiple Choice

Random samples of size 100 are taken from an infinite population whose population proportion is 0.2. The mean and standard deviation of the sample proportion are

• A)0.2 and .04
• B)0.2 and 0.2
• C)20 and .04
• D)20 and 0.2

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Definitions:

Cost Of Production

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead.

Convex Isoquants

Curves that depict combinations of inputs that yield the same level of output in a production process, where convexity implies diminishing marginal rates of technical substitution.

Expansion Path

In economics, the curve that shows how a firm's production changes as it increases inputs, keeping the input mix proportionate.

Marginal Product

The additional output obtained by employing one more unit of a specific input, keeping all other inputs constant.