From a Sample of 500 Items, 30 Were Found to Be

question 8

Short Answer

From a sample of 500 items, 30 were found to be defective. The point estimate of the population proportion defective will be: $\begin{array}{|l|l|}\hline A&\text {0.06 }\\\hline B&\text { 30.0}\\\hline C&\text {16.667 }\\\hline D&\text { None of these choices are correct.}\\\hline\end{array}$

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Definitions:

Generate Costs

The process of incurring expenses as a result of conducting business activities or operations.

Premium Pricing

A pricing strategy where goods or services are priced higher than the market average to emphasize their exclusivity or quality.

Everyday Items

Common products or goods used regularly for daily activities or needs.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, allowing for competition based on quality, price, and brand.