Suppose you plan to take a simple random sample from a population with N members. Specifically, you plan to sample a percentage p of the population. If p is 1%, is the finite population correction really necessary? Does the answer depend on N? Explain. Then answer the same questions when p is 5%, 10%, 25%, and 50%, respectively. In general, explain what goes wrong if the finite population correction is really necessary but isn’t used.
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