Two of the Basic Sampling Methods Studied in Statistics Are

question 20

Essay

Two of the basic sampling methods studied in statistics are the simple random sampleand the stratified random sample. How do these methods of sampling differ?

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Definitions:

Contribution Margin Ratio

A financial metric that measures how much of a company's revenue is available to cover its variable costs and contribute to its fixed costs and profits.

Fixed Costs

Expenses that do not change with the level of goods or services produced by the business, such as rent, salaries, and insurance premiums.

Break-even Point

The point at which total income matches total outgoings, leading to neither a profit nor a loss.

Sales Dollars

This term represents the total revenue generated from the sales of goods or services, expressed in currency units.