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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
The manager of a movie rental store was interested in examining the relationship between the weekly take-home pay for a family and the amount that family spends weekly on recreational activities.The following output was generated using Minitab:
Covariances
Let X = weekly take-home pay,and Y = amount spent weekly on recreational activities.
-Identify the variance of weekly take-home pay.
Confidence Interval
A confidence interval is a range of values, derived from statistical analysis, that is likely to contain the true value of an unknown population parameter.
Census Limits
The constraints or limitations inherent in conducting a census, such as time, cost, and accuracy of data collection.
Quota Sampling
A sampling method where participants are selected to ensure that certain characteristics are represented to a set proportion.
Simple Random Sampling
A sampling technique where each member of the population has an equal chance of being selected to be part of the sample.
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