For Questions , Use the Following Narrative

question 22

Essay

For Questions , use the following narrative
Narrative: Politics
Suppose a population contains 60% Republicans and 40% Democrats.
-{Politics narrative} Suppose you take a random sample of 10 people from this population.Are you certain that you would get 6 Republicans and 4 Democrats in your sample? Explain your answer.

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Definitions:

Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, often used in manufacturing to measure efficiency and cost management.

Favorable

A term typically used in budgeting and accounting to describe variances or outcomes that are better than expected or budgeted figures.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the standard variable overhead estimated.

Variable Overhead Efficiency Variance

The difference between the actual hours taken to produce a good and the standard hours expected, multiplied by the variable overhead rate.