It Is Appropriate to Use the Normal Approximation of the Binomial

question 47

True/False

It is appropriate to use the normal approximation of the binomial distribution with a sample of 100 participants,where p = .07 and q = .93.

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Definitions:

Price of Capital

The cost of using capital assets for production, including interest rates on loans or opportunity costs of using own capital.

Wage Rate

The amount of money paid to an employee by an employer in exchange for work performed, typically expressed on an hourly, daily, or piecework basis.

Workers Hired

The process of employing individuals to perform tasks or services in exchange for compensation.

Demand for Steel

The total quantity of steel that buyers in the market are willing and able to purchase at various prices over a given period.