A Laboratory Technician Is Interested in the Proportion of 1

question 41

Essay

A laboratory technician is interested in the proportion of 1 litre containers used in the lab that are glass. How many containers should be sampled in order to estimate, with 99% confidence, this proportion with a margin of error of less than 0.2? Justify your conclusion.

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Definitions:

Robot Hours

The amount of time robots are operational and performing tasks in place of human labor.

Cost-output Elasticity

Cost-output elasticity measures the responsiveness of the cost of production to changes in the quantity of output produced, indicating the scale economies in production.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Marginal Cost

The expenditure required to produce an additional unit of a product.