A Population Has a Mean of µ = 80 with σ

question 27

Short Answer

A population has a mean of µ = 80 with σ = 20.
a. If a single score is randomly selected from this population, how much distance, on average, should you find between the score and the population mean?
b. If a sample of n = 4 scores is randomly selected from this population, how much distance, on average, should you find between the sample mean and the population mean?
c. If a sample of n = 100 scores is randomly selected from this population, how much distance, on average, should you find between the sample mean and the population mean?

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Definitions:

Relative Sales Value Method

A technique used to allocate joint costs based on the proportionate sales value of each product produced from a common process.

Joint Cost

The costs incurred in the process of producing two or more products simultaneously, where such costs cannot be separately identified with individual products.

By-Products

Secondary products that are generated alongside the main product during the manufacturing process.

Net Realisable Value

The estimated selling price of goods minus the costs of their completion and sale.