If We Have Some Idea About the Value of Sample

question 63

True/False

If we have some idea about the value of sample proportion ,we use that value in determining the sample size needed to estimate the population proportion p.

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Definitions:

Wasteful

Referring to the use or allocation of resources in an inefficient manner, leading to unnecessary loss or expenditure.

Interstate Highway

A network of controlled-access highways that form part of the National Highway System in the United States, facilitating interstate and long-distance travel.

Nonexcludability

A characteristic of public goods where it is impossible or highly costly to exclude individuals from consuming the good.

Marginal Costs

The hike in total expenditure resulting from the production of an incremental unit of a product or service.