It Is Known That the Variance of a Population Equals

question 49

Essay

It is known that the variance of a population equals 576.A random sample of 144 observations is going to be taken from the population.
a.
With a .95 probability, what statement can be made about the size of the margin of error?
b.
With a .95 probability, how large of a sample would have to be taken to provide a margin of error of 6 or less?

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Definitions:

Direct Labor

Labor costs directly associated with the manufacturing of products or provision of services, typically measured in hours worked or wages paid.

Goods in Process

Inventory items that are in the production process but are not yet complete, also known as work-in-process (WIP).

Applied Manufacturing Overhead

The amount of manufacturing overhead costs allocated to each unit of production, based on a predetermined overhead rate.

Raw Materials

Raw materials are the unprocessed or minimally processed resources used to produce goods, forming the basic input in manufacturing processes.