A Population Consists of 500 Elements

question 88

Multiple Choice

A population consists of 500 elements. We want to draw a simple random sample of 50 elements from this population. On the first selection, the probability of an element being selected is

• A) 0.100.
• B) 0.010.
• C) 0.001.
• D) 0.002.

---

Definitions:

Marginal Cost

The cost incurred by producing one additional unit of a product or service, which can vary depending on the level of production.

Same Product

Refers to goods or services that are identical in features, quality, and performance, providing no substantial difference to consumers.

Discriminating

The practice of unjustly distinguishing and treating individuals differently based on characteristics such as race, gender, or age.

Welfare of Society

A measure of the overall well-being and quality of life of the population, encompassing economic, social, and environmental dimensions.