Twenty One (21) Customers Out of a Simple Random Sample

question 106

True/False

Twenty one (21) customers out of a simple random sample of 50 said that they came to the grocery store within one month after getting a card from the company. Based on the data, the marketing manager thinks that the number of total customers who would come in to the grocery store within one month is 4,200 because 10,000 cards were mailed.

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Definitions:

Default

Failure to fulfill a financial obligation, such as not making scheduled loan payments, leading to potential legal consequences or credit score impact.

Shirking

The act of avoiding or evading work and responsibilities, often in employment contexts.

Incentive Contracts

Contracts that promise a certain payback as a result of achieving set performance targets, thereby motivating the involved parties to reach specific outcomes.

Monitoring

The continuous or regular observation and recording of activities or processes for the purpose of ensuring compliance with standards or progress toward objectives.