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Sampling and tests of significance are very important tools in business economics. In fact one cannot do any meaningful marketing research without the requisite knowledge of sampling techniques.Any collection (usually large) of individuals or objects is called a population or universe.A finite subset of a population is called a sample. The number of individuals in a sample is called the sample size. 1. Random Sampling: When a sample is taken in such a way that each member of the population has the same probability of being selected, the sample so obtained is called a random sample and the technique is called random sampling. 2. Simple Sampling: It is a special case of random in which each event has the same probability of success and the probability of an event is independent of the success or failure of event in the preceding trails. Thus, simple sampling is a random sampling in which the trails are independent and the probability of success is constant. 3. Large and the small sample: Sample of size n > 30 is called large samples and samples of size n ≤ 30 is called small samples. 4. Hypothesis: In order to make certain decisions about a population on the basis of sample information, some assumption is made about the population. Such assumption, which are not necessarily true, are called statistical hypothesis. 5. Null Hypothesis: The hypothesis tested for possible rejection under the assumption that it is true, is called the null hypothesis. 6. Parameters and Statistics: The Statical constants of the population viz., mean (μ), variance (σ2), etc., are usually referred to as parametrs. The statistical measures computed from the sample observations above, e.g., mean X¯, variance (s2), etc., are called statistics. 7. Level of significance : We are not introducing binomial statement and Normal distribution in this introductory book .The following statements may be taken as given: (i) Normal distribution is the limiting case of the binomial distribution. When n -> α (i.e., the number of trials is indefinitely large) and neither P nor q is very small. (ii) The vitiate Z is defined by
2. You recommend spending $10,000 on equipment that will increase sales of your product by $1000 a year and reduce annual operating costs by $800. The equipment has 10-year lifetim
Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. H
What are the restrictions of unbalanced growth? The restrictions of unbalanced growth: • Frequently governments go for high status, capital-intensive and high tech projects
What is the difference between an essential and adequate condition for growth? Essential and adequate conditions are helpful analytical and evaluative elements. As like exampl
In a model where a continuum of individuals have preferences for consumption and leisure as follows w i = c i + ln(x i ) and individuals differ in their labour endowments e
what is nature of elasticity?
The following represents the potential outcomes of your first salary negotiation after graduation: Assuming this is a sequential move game with the employer moving first, indicate
Calculate the incremental profit Electron Control would earn by customizing its instruments and marketing directly to end users.
What is poor governance? In countries along with poor governance: • The rule of law has not working for example civil war and areas run by war lord • Bribery and corrupti
QUESTION (a) One of the differences between a monopolistically competitive industry and a perfectly competitive one is that in the former, there is product differentiation. (i)
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