How Is the Relative Frequency of an Event Defined

question 51

Multiple Choice

How is the relative frequency of an event defined?

• A)The proportion of time an event does not occur in the population of events.
• B)The average number of time an event occurs in the population of events.
• C)The proportion of time an event occurs out of all events that might occur in the population.
• D)The proportion of time all events occur.

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Definitions:

Fixed Cost

Expenses that do not change in proportion to the level of goods or services produced by a business.

Contribution Format

An income statement format that separates fixed and variable costs and expenses, used to determine contribution margin.

Least-squares Method

A statistical technique used to determine the line of best fit by minimizing the sum of the squares of the differences between the observed values and the values predicted by the line.

Mixed Cost

Expenses that have both fixed and variable components, changing with levels of production but not in direct proportion.