A Sample of 24 Observations Is Taken from a Population

question 76

Multiple Choice

A sample of 24 observations is taken from a population that has 150 elements. The sampling distribution of is

• A)approximately normal because is always approximately normally distributed
• B)approximately normal because the sample size is large in comparison to the population size
• C)approximately normal because of the central limit theorem
• D)normal if the population is normally distributed

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Definitions:

Variable Costs

Expenses that fluctuate with changes in production volume or service levels, such as materials and labor costs.

Fixed Costs

Payments for rent, salaries to employees, and insurance coverages that stay the same, no matter the production or sales figures.

Break-Even Point

The point at which total costs and total revenue are equal, resulting in no net loss or gain.

Variable Costs

Costs that vary in direct proportion to changes in the amount of production or activity, like costs for direct labor and raw materials.