A Random Sample of Size 100 Is Taken from a Population

question 25

Multiple Choice

A random sample of size 100 is taken from a population described by the proportion p = 0.60. The probability that the sample proportion is less than 0.55 is ________.

• A) ≈0
• B) 0.1537
• C) 0.3669
• D) 0.8461

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Definitions:

Economic Losses

Financial losses suffered by an individual or organization, often as a result of unfavorable business conditions or activities.

Price-Taker Market

A market condition in which individual buyers or sellers cannot influence the market price through their own actions.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the true profitability of a firm's operations.

Demand Increase

A situation where there is a rise in consumer desire to purchase goods or services, leading to higher quantities demanded at the same price levels.