Suppose It Is Known That 93 Percent of All Parts

question 97

True/False

Suppose it is known that 93 percent of all parts in an inventory of 18,900 parts are in workable order. If a sample of n = 100 parts were selected from the inventory, based on the concept of sampling distributions of proportions, it can be assumed that the sample proportion of workable parts will also be 0.93.

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Definitions:

Spot Price

The current market price at which a particular asset, like a commodity or currency, can be bought or sold for immediate delivery.

Wheat Future

A standardized contract traded on futures exchanges to buy or sell a specific amount of wheat at a predetermined price on a specified future date.

Profit

Profit refers to the financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Corn Future

A standardized contract to buy or sell a specified amount of corn at a future date and price, traded on commodities exchanges.