Theoretically, any given production plant has an optimum output level. Suppose a certain production plant has annual fixed costs = $2,000,000. Variable cost is functionally related to annual output Q...

Q1:
Part A:
Probabilistic sampling, often known as random sampling, begins a full sample of all eligible individuals with an equal opportunity to be included in the selected sample. The selection must be random. That is, it should not deviate significantly from the unselected data.
Population of the data is 5 million US Americans, the samples used is 4650 adults.
Part B:
Type of sampling employed in this data selection is random sampling. Surveying the entire population is inappropriate. Sampling is a strategy that allows researchers to form opinions about a population based on the results of a subset of that group. It is critical to verify that the persons chosen are representative of the overall population.
Various sampling methods are available, which can be classified into two types: stochastic sampling and non-stochastic sampling . The difference between the two strategies is whether the samples were randomly chosen. Probabilistic sampling, often known as random sampling, begins having a full sample of all eligible persons, each of whom has an equal probability of being included in a chosen sample The choice must be "random." That is, it should not depart greatly from the original data.
Part C:
Unlike other types of survey approaches, simple random sampling provides a fair way to collect data from large groups. Although there are certain advantages to using basic random sampling in studies, it also has disadvantages. These shortcomings include the time required to collect an entire list of a given population, the capital required to access and link to that list, as well as the bias that might occur when the sample size is insufficient to accurately reflect the complete population. Because a subset of the wider population is chosen randomly, everyone in the larger population has an equal probability of being selected. In most cases, this will produce...