A Sample of 50 Is Selected from a Known Population

question 66

Multiple Choice

A sample of 50 is selected from a known population of 250 elements. The population standard deviation is 15. Using the finite correction factor,what is the standard error of the sample means?

• A)2.89
• B)1.90
• C)2.12
• D)Cannot be determined

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Definitions:

Break-Even Point

The point at which total costs and total revenue are equal, meaning no profit or loss is generated.

Profit

The financial gain realized when the revenue generated from business activities exceeds the expenses, taxes, and costs incurred in sustaining business operations.

Contribution Margin Ratio

A financial metric that measures the proportion of revenue that exceeds variable costs, indicating how much revenue contributes towards covering fixed costs and generating profit.

Variable Expenses

Costs that change in proportion to the level of activity or volume of output in a business.