The Central Limit Theorem Is Important in Statistics Because

question 26

Multiple Choice

The Central Limit Theorem is important in statistics because

• A)for a large n,it says the population is approximately normal.
• B)for any population,it says the sampling distribution of the sample mean is approximately normal,regardless of the sample size.
• C)for a large n,it says the sampling distribution of the sample mean is approximately normal,regardless of the shape of the population.
• D)for any sized sample,it says the sampling distribution of the sample mean is approximately normal.

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Definitions:

Break-Even Sales

The amount of revenue required to cover all fixed and variable expenses, resulting in zero profit.

Variable Expenses

Expenses that vary directly with the level of production or sales, such as raw materials and direct labor costs.

Fixed Expenses

Costs that do not fluctuate with the level of production or sales, including rent, salaries, and insurance premiums.

Contribution Margin Ratio

A financial metric that indicates the portion of sales revenue that exceeds variable costs, expressed as a percentage of total sales.