By How Much Must the Sample Size N Be Increased $\left( \bar { x } \pm z _ { \alpha n } \cdot \frac { \sigma } { \sqrt { n } } \right)$

question 51

Essay

By how much must the sample size n be increased if the width of the CI $\left( \bar { x } \pm z _ { \alpha n } \cdot \frac { \sigma } { \sqrt { n } } \right)$ is to be halved? If the sample size is increased by a factor of 25, what effect will this have on the width of the interval? Justify your assertions.

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Flexible Budget

A budget that adjusts or flexes with changes in activity or volume levels.

Revenue and Spending Variance

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A financial report that compares actual results to a budget that adjusts based on the level of output or activity.