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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
Aska) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the c
How can the population controlled? Governments can take some steps to controlled populations: • Enhance the education of women and their employment opportunities raises and
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Define the macroeconomic stability in market for promoting development. Macroeconomic stability implies that: • Tight fiscal policy that is balanced government budgets and d
as a result of 2008 financial crisis, there was loss of construction jobs in us, since home developers stopped building new homes. in your opinion which type of unemplyment is res
Assume the marginal propensity to consume (MPC) is 0.9. Starting from equilibrium, investment demand enhances by 50. How much does equilibrium income enhance? Show the calcul
In what conditions might you consider increasing the volume and/or frequency of quality control checks? What time might you decrease their volume or frequency? A team member is
Suppose you have ten individuals with values ( $1, $2, $3, $4, $5, $6, $7, $8, $9, $10) . Your marginal cost of production is $2.50. What is the profit maximizing price?
How do institutions influence development? Institutions development influence: Institutions matter since they give opportunities for people and firms to participate into
Analyse the effectiveness of market approaches into promoting development. Assessing the effectiveness of some system, planned, market or mixed depends onto the choice of displ
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