Suppose There Are 500 Accounts in a Population

question 38

Multiple Choice

Suppose there are 500 accounts in a population.You sample 50 of them and find a sample mean of $500.What would be your estimate for the population total?

• A)$5,000
• B)$50,000
• C)$250,000
• D)$500,000
• E)None of the above

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Definitions:

Marginal-Cost-Marginal-Benefit Rule

The marginal-cost-marginal-benefit rule states that optimal decision-making occurs when the marginal cost of an action equals its marginal benefit, ensuring efficient resource allocation.

Optimal Project Size

The most efficient scale of a project, considering factors like cost, resources, and expected benefits, to achieve the best possible outcome.

Marginal Costs

The cost uplift realized by the manufacture of an extra unit of a product or service.

Marginal Benefits

The supplementary enjoyment or usefulness gained by consuming or producing another unit of a good or service.