The Finite Population Correction Is Not Needed If the Population

question 14

Short Answer

The finite population correction is not needed if the population size is large relative to the sample size.As a rule of thumb,we will treat any population that is at least ____________________ times larger than the sample size as large.

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Definitions:

Marginal Costs

The amount spent on producing an extra unit of a product or service.

Fixed Costs

Costs that do not vary with the level of output or sales in the short term, such as rent or salaries.

Sunk Costs

Costs that have already been incurred and cannot be recovered or refunded, and thus should not factor into future decision-making processes.

Fixed Costs

Fixed expenditures that are unaffected by changes in production or sales volumes, like rent, wages, and insurance costs.