The Finite Population Correction Factor Should Be Used

question 78

Multiple Choice

The finite population correction factor should be used:

• A)whenever we are sampling from an infinite population.
• B)whenever we are sampling from a finite population.
• C)whenever the sample size is large compared to the population size.
• D)whenever the sample size is small compared to the population size.

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Definitions:

Margin

The difference between the selling price of a product or service and the cost associated with producing it, usually expressed as a percentage of sales.

Marginal Subcontracting Cost

The additional cost incurred for each unit of production outsourced to a third party, rather than produced in-house.

Layoff Cost

The financial impact associated with reducing a company's workforce, including severance pay, unemployment benefits, and potential legal costs.

Hiring And Training Cost

Expenses associated with recruiting new employees and providing them with the necessary training to perform their job.