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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
In the model with utilities W i = c i + α ln(x i ) where individuals are endowed with ability levels w p m R and form fractions π p , π m , π r with π m > π p , π r
Your project is behind schedule and you are seeing adding extra employees to the team. What would be the potential benefits and drawbacks of this approach? Given that the slipp
Define the balance of payments problem in international capital flows. Balance of payments (BoP): It inflows capital as like: • Foreign direct investment (FDI) into machiner
QUESTION (a) Explain the 3 different ways of calculating national income. (b) Does the National Income figure accurately reflect the living standard of a population? Discuss
What is the current economic status of abaca farming?
Problem-solving question: Use the following data for a firm’s output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) schedule; (
How can the size of shadow economy estimated? The size of the shadow economy is estimated when activity is undeclared as the amount of informal activity can be calculated: a
The Basic assumption which underlay the government of international economy has been that the economies of the world would converge around a capitalist model. The details of such a
(present value) Suppose an entrepreneur considers to invest in a project. It needs a cash investment $I at year t = 0. If she/he invests, the project will generate an annual cash
EXPLAIN WHY INTERDEPENDENCE IN OLIGOPOLY RESULTS IN A TENSION BETWEEN COOPERATION AND COMPETITION.
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