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i. A continuity correction compensates for estimating a discrete distribution with a continuous distribution.
Ii) The normal probability distribution is generally deemed a good approximation for the binomial probability distribution when np and n(1 - p) are both greater than five.
Iii) When a continuity correction factor is used, its value is 0.5.
Usage of Trade
Established customs and practices in a particular industry or market that are widely accepted and that parties to a contract are presumed to follow.
Customs
The official department that oversees the importation and exportation of goods in and out of a country, implementing national regulations and duties.
Practices
refers to habitual actions or procedures followed by individuals or organizations in a particular field or profession.
Good Faith
Acting with honesty, fairness, and sincerity in transactions and legal matters without intent to defraud or seek unfair advantage.
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