A Study Is Going to Be Conducted in Which a Population

question 90

Multiple Choice

A study is going to be conducted in which a population mean will be estimated using a 92% confidence interval.The estimate needs to be within 12 of the actual population mean.The population variance is estimated to be around 2500.The necessary sample size should be at least _______.

• A)15
• B)47
• C)54
• D)638
• E)700

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Definitions:

Absorption Costing

A bookkeeping approach incorporating the total manufacturing expenses, which include the cost of direct materials, wages for labor directly involved in manufacturing, and all overheads, be they variable or fixed, into the product's cost.

Fixed Manufacturing Overhead

Costs associated with the production process that do not change with the level of output, such as rent, salaries, and utility expenses.

Production Volume

The total number of units of a product or service produced over a specific period.

Sales Volume

The total number of units of product sold during a specific period.