In Estimating the Sample Size Necessary to Estimate P, If

question 12

Multiple Choice

In estimating the sample size necessary to estimate p, if there is no good approximation for the value of p available, the value of ____ should be used as an estimate of p in the formula.

• A)0.10
• B)0.50
• C)0.40
• D)1.96
• E)2.00

---

Definitions:

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the quantity of output produced.

Total Variable Cost

The total of all costs that vary with the level of output, including costs such as materials and labor.

Average Variable Cost

The variable cost per unit of output, calculated by dividing total variable costs by the quantity of output produced.

Marginal Cost Curve

A visual chart demonstrating the change in cost for manufacturing an additional unit of a product as production levels rise.