Question

The average revenue per transaction in the population is Rs 614. Based on this attribute only, would you be confident that this sample is representative of the population? Hint: Is the sample average different from the population average? If yes, how different based on statistical significance? Please note that sample size > 100

Answer 1

Answer:

Sole proprietorship: A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business. All assets of the business belong to a sole proprietor, including, for example, a computer infrastructure, any inventory, manufacturing equipment, or retail fixtures, as well as any real property owned by the sole proprietor.