Exhibit 16

question 25

Multiple Choice

Exhibit 16.4 A researcher is attempting to determine the average annual expenditures per household on compact discs.Suppose $600 was considered the upper limit and $0 the lower limit.There are no past studies on which to base an estimate of s.
Refer to Exhibit 16.4.If the desired precision is +$25 and the desired confidence interval is 95%,what is the necessary sample size?

• A)240
• B)540
• C)92
• D)64
• E)None of the above.

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Definitions:

Philosophy

The study of fundamental questions about existence, knowledge, values, reason, mind, and language.

Production Era

The period in business history when the focus was primarily on production efficiency and product output, rather than on customer needs or desires.

Assembly Lines

A manufacturing process in which parts are added to a product in a sequential manner using optimally planned workflows in order to create a finished product efficiently.

Relationship Management

Strategies and practices for managing an organization’s interactions with customers, clients, and sales prospects.