Instruction 18-3
a Political Pollster Randomly Selects a Sample of 100

question 102

Multiple Choice

Instruction 18-3
A political pollster randomly selects a sample of 100 voters each day for eight successive days and asks how many will vote for the incumbent. The pollster wishes to construct a p chart to see if the percentage favouring the incumbent candidate is too erratic.
$$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Sample } \\\text { (Day) }\end{array} & \begin{array} { c } \text { Number Favouring } \\\text { Incumbent Candidate }\end{array} \\\hline 1 & 57 \\\hline 2 & 57 \\\hline 3 & 53 \\\hline 4 & 51 \\\hline 5 & 55 \\\hline 6 & 60 \\\hline 7 & 56 \\\hline 8 & 59 \\\hline\end{array}$$
-Referring to Instruction 18-3,which expression best characterises the p chart?

• A) Individual outliers
• B) In control
• C) Decreasing trend
• D) Increasing trend

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Definitions:

Financial Break-even

The point at which total revenues equal total costs, resulting in no profit or loss for the business.

Financial Break-even

The point at which total revenues are equal to total operating expenses and financial costs, meaning the company makes no profit but also incurs no loss.

Payback Period

The amount of time required for an investment to generate cash flows to recover its initial cost.

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales activity, such as rent, salaries, and insurance.