Let P Denote the Proportion of Individuals in a Population

question 27

Short Answer

Let p denote the proportion of individuals in a population who possess a specified property, and X denote the number of individuals in the sample who possess the same property. Provided that the sample size n is small relative to the population size, then X has approximately a __________ distribution.

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Definitions:

Opportunity Costs

The detriment faced for not opting for the immediate next best possibility during decision implementation.

Efficient Market Outcomes

Refers to a situation in markets where all available information is fully reflected in prices, ensuring that transactions do not systematically advantage any party.

Risk-free Ventures

Investments that are assumed to have no risk of financial loss.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.