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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
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QUESTION 1 (a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this i
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In brief, the price of anything is based on comparative benefit. If Adam makes clocks better and cheaper than Bill, all clock production should go to Adam.
How could the quality culture behaviours be applied in a hospital? The total quality management approach and culture are extremely readily applied to a hospital. Usually, peopl
why does the quantity of salt demanded tend to be unresponsive to changes in its price?
What is capital accumulation? Capital accumulation simply implies an increase into a country is stock or amount of capital over time. It requires net investment, which is inve
The Australian government administers two programs that affect the market for cigarettes. First, media campaigns and labelling requirements aimed at making public aware of the dan
Explain a five-stage process for project risk management. The major stages in project risk management are as follows: •Plan the approach: This approach is described that is
A manufacturing company has determined from an analysis of its accounting and production data for a certain part that : a. Its demand is 9000 units per annum and is uniform
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