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Larry,a merchant seller,contracted with Simon to buy welding equipment.The contract stipulated that Larry would pick up the equipment from Simon's warehouse on the 14th day from the date of the contract.But Larry could not make the pick up on that date and before he could do so on the 15th day,the warehouse was burned down by miscreants.In this situation,who bears the risk of loss of the goods that were to be received by Larry?
Sampling Error
The error caused by observing a sample instead of the whole population, leading to potential differences between the sample statistic and population parameter.
Population Mean
The average of all the data points in a population.
Simple Random Samples
A sampling method in which every individual or item from a population has an equal chance of being selected.
Population Size
The total number of individuals or elements that make up the population being studied or analyzed.
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