A Sample of 225 Elements from a Population with a Standard

question 26

Multiple Choice

A sample of 225 elements from a population with a standard deviation of 75 is selected. The sample mean is 180. The 98% confidence interval for μ is

• A) 105 to 225.
• B) 175 to 185.
• C) 165.6 to 194.4.
• D) 164.575 to 195.425.

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Definitions:

Machine-Hours

A measure of the amount of time machines are used in the production process, often used as a basis for allocating manufacturing overhead.

Overhead Cost

Expenses related to the ongoing operation of a business that cannot be directly traced to a specific product or service, like rent, utilities, and insurance.

Activity-Based Costing

A method of costing that apportions overhead and indirect expenditures to products and services related to the activities they entail.

Machine-Hours

A unit of measure representing the operation of machinery or equipment for one hour, often used in allocating manufacturing overhead costs based on actual or budgeted machine usage.