Assume That Two Presidential Candidates, Call Them Bush and Gore $\hat { p }$

question 39

Essay

Assume that two presidential candidates, call them Bush and Gore, receive 50% of the votes in the population. You can model this situation as a Bernoulli trial, where Y is a random variable with success probability Pr(Y = 1)= p, and where Y = 1 if a person votes for Bush and Y = 0 otherwise. Furthermore, let $\hat { p }$ be the fraction of successes (1s)in a sample, which is distributed N(p, $\frac { p ( 1 - p ) } { n }$ )in reasonably large samples, say for n ? 40.
(a)Given your knowledge about the population, find the probability that in a random sample of 40, Bush would receive a share of 40% or less.
(b)How would this situation change with a random sample of 100?
(c)Given your answers in (a)and (b), would you be comfortable to predict what the voting intentions for the entire population are if you did not know p but had polled 10,000 individuals at random and calculated $\hat { p }$ ? Explain.
(d)This result seems to hold whether you poll 10,000 people at random in the Netherlands or the United States, where the former has a population of less than 20 million people, while the United States is 15 times as populous. Why does the population size not come into play?

Reconcile differences between absorption costing and variable costing net operating incomes.

Calculate unit product costs under both absorption and variable costing.

Understand the impact of changes in inventory levels on net operating income under both costing methods.

Prepare segmented income statements and evaluate divisional performance.

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Definitions:

Net Operating Income

Income from operations after all operating expenses have been deducted, but before interest and taxes.

Units

A measure of quantity, often used in the context of production, inventory, or sales.

Static Budget

A budget that is based on a fixed level of output or sales and does not change with the actual level of activity during the period.

Patient-Visits

Refers to the total number of individual patient encounters with healthcare professionals, usually measured in a clinic or hospital setting.