A Random Sample of Size 100 Is Taken from a Population

question 62

Multiple Choice

A random sample of size 100 is taken from a population described by the proportion . Refer to Exhibit 7-6.The probability that the sample proportion is greater than 0.62 is _______.

• A)0.3409
• B)0.4082
• C)0.6591

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Definitions:

Ending Inventory

The total value of all inventory a company still has on hand at the end of an accounting period, including raw materials, work-in-process, and finished goods.

Variable Production Costs

Costs that vary with the level of output production, including expenses like raw materials and direct labor.

Ending Inventory

The total value of all inventory a company has in stock at the end of an accounting period.

Variable Production Costs

Costs that vary in proportion to the level of production or business activity.