The Students for an Affordable Education have asked you to estimate the average amount of money spent
Question:
The Students for an Affordable Education have asked you to estimate the average amount of money spent per semester on textbooks. To produce this estimate, you have decided to randomly sample 25 members of your Introduction to Economics course. Are there any problems associated with this sample?
What other sampling techniques might you use?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
Problems associated with random sampling 25 members of Introduction to Economics 1 Nonrepresentativeness While random sampling helps avoid bias a sample size of 25 may not adequately represent the entire population of students especially if the class size is significantly larger 2 Selfselection bias Even with a random selection process students may be more likely to participate if they have strong opinions or specific experiences related to textbook spending eg students who buy used books may be more likely to participate This can skew the results 3 Convenience sampling bias If the 25 students are readily available due to factors like convenience eg those who stay after class rather than truly random selection it might not represent the overall population of students Alternative sampling techniques Stratified sampling Divide the population entire course into subgroups based on relevant characteristics eg year of study major and then randomly sample from each subgroup proportional to their size This ensures representation from different groups within the population Cluster sampling Divide the population into clusters eg sections within the course and randomly sample a few clusters Then include all students within those selected clusters in the sample This can be efficient if natural clusters exist but may not be as representative ...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Statistics For Business And Financial Economics
ISBN: 9781461458975
3rd Edition
Authors: Cheng Few Lee , John C Lee , Alice C Lee
Question Posted:
Students also viewed these Business questions
-
1. Body Mass Index Write a GUI program that calculates and displays a person's body mass index (BMI). The BMI is often used to determine whether a person with a sedentary lifestyle is overweight or...
-
The numbers of North American cruise ship passengers are shown in Table 47 for various years. Let y be the number (in millions) of North American cruise ship passengers in the year that is x years...
-
You are a financial planner with a specialty in risk management. Youve completed the LLQP and are licensed to sell insurance products. You love your career and have built a successful practice based...
-
Chuck, a single taxpayer, earns $86,000 in taxable income and $20,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an...
-
Radioactive substances decay at a rate that is proportional to the amount present. Thus, if k is a constant and the amount present is x, the decay rate is dx/dt = kx (t in hours) This means that the...
-
Divide the class into groups of four or five. Match the groups evenly into supplier and client teams.cair a client team with a supplier team. Each client team should pick some aspect of the...
-
Match the four types of differences in accounting values mentioned in the text to the examples below: A. Professional judgment versus statutory control B. Uniformity versus flexibility C....
-
A contractor, Susan Meyer, has to haul gravel to three building sites. She can purchase as much as 18 tons at a gravel pit in the north of the city and 14 tons at one in the south. She needs 10, 5,...
-
se backward-difference formula to evaluate the first derivative of y = tan(x) at x = using a value of h = T 12 06(2+1) 04(33) M 06(3) 6(2-1) O 12(13)
-
A local deli prepares fresh potato salad for its customers every day. The unsold salad has to be thrown away. The demand for potato salad can be classified as low (100 lb), medium (200 lb), or high...
-
Use the data given in question 34 to compute the change in real wages between 1986 and 1990. Are workers any better off? Question 34 Suppose you are given the following information about wages and...
-
Beginning at t = 0 with initial velocity 4 m/s, a particle moves in a straight line with acceleration a(t) = 3t 1/2 m/s 2 . Find the distance traveled after 25 s.
-
OPM director John Berry said employees should receive frequent recognition and praise for good performance from their bosses to keep them motivated and ensure that lines of communication remain open....
-
Which of the following procedures is ordinarily performed by an accountant in a compilation engagement of a nonpublic entity? a. Reading the financial statements to consider whether they are free of...
-
Identify three sets of professional standards that pertain at least in part to attest services and three sets that pertain in part to nonattest services.
-
You have been engaged by the trustees of Roger Trust to audit the trust as of December 31, 19XX. The audit is for the purpose of assuring the trustees and beneficiaries that trust assets,...
-
Jordan \& Stone, CPAs, audited the financial statements of Tech Co., a nonpublic entity, for the year ended December 31, 19X1, and expressed an unqualified opinion. For the year ended December 31,...
-
A researcher is interested in comparing the response times of two different cab companies. Companies A and B were each called at 50 randomly selected times. The calls to company A were independently...
-
What is your opinion of advertising awards, such as the Cannes Lions, that are based solely on creativity? If you were a marketer looking for an agency, would you take these creative awards into...
-
Gus, a football player who was renegotiating his contract with the Denver Broncos, paid his ex-girlfriend $50,000 to drop a sexual assault complaint against him and keep the matter confidential. The...
-
Kathleen pays $3,000 mortgage interest on the home that she and her husband live in. Kathleen and her husband live with Molly, Kathleens mother. The title to the home is in Kathleens name. However,...
-
Katie and Alan are avid boaters and water skiers. They also enjoy parasailing. This year, they started a new parasailing venture to give rides to patrons. Katie and Alan are both employed full-time...
-
Required: Following Simplicity Financial and Business Advisory Group Pty Ltd policies and procedures prepare the following: Task 1 Financial statement analysis The client needs a review of financial...
-
SCC Company reported the following for the current year.Net sales$ 57,000Cost of goods sold47, 200Beginning balance in inventory2,900Ending balance in inventory8,960Compute (a) inventory turnover and...
-
You are an assistant financial consultant for Simplicity Financial and Business Advisory Group PtyLtd, and you have been notified the client converted their business to a public company PTCG Ltd....
Study smarter with the SolutionInn App