A Simple Random Sample of 100 Observations Is Taken from a Population

question 61

Short Answer

A simple random sample of 100 observations is taken from a population. Assume that the population proportion p = 0.5.
a. What is the expected value of the sample proportion $\hat { p }$ ?
b. What is the standard error of the sample proportion $\hat { p }$ ?

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Definitions:

Least-Squares Regression

A statistical method used to determine the line of best fit by minimizing the sum of squares of the differences between observed and predicted values.

Relevant Range

Pertains to the bounds within which assumptions about fixed and variable costs in relation to business activities are considered accurate.

Departmental Overhead Rate

A calculation used to allocate indirect costs to specific departments, helping in the accurate costing of products or services.

Production Department

A specific division within a manufacturing company responsible for the actual production of goods.