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A marketing class of 50 students evaluated the instructor using the following scale: superior, good, average, poor, and inferior. The descriptive summary showed the following survey results: 2% superior, 8% good, 45% average, 45% poor, and 0% inferior.
Random Sample
A subset of individuals chosen from a larger set (population) where each individual has an equal probability of being selected, ensuring the sample’s representativeness of the population.
Binomial Random Variable
A random variable that follows a binomial distribution, representing the number of successes in a fixed number of independent Bernoulli trials with the same probability of success.
Variance
Variance is a statistical measure that represents the degree of spread in a data set. It is calculated as the average of the squared differences from the Mean.
Fraction
A numerical quantity representing a part of a whole, typically expressed as a ratio of two integers.
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