A Friend of Yours, Who Is Not Taking Statistics, Wonders

question 8

Essay

A friend of yours, who is not taking statistics, wonders why it is that anyone would choose to take a sample. "Obviously," she says, "you would get better information from a census." In a short paragraph, explain why it is that statisticians take samples rather than taking a census.

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Definitions:

CPI

By applying a weighted average methodology, the Consumer Price Index tracks the fluctuations in average prices for a comprehensive array of consumer goods and services, such as medical care, food, and transportation services.

CPI

It's an index that measures the average prices of a basket of consumer services and products, like food, transportation, and healthcare, through their weighted average, known as the Consumer Price Index.

Base Year

A specific year against which economic or financial data is compared to measure changes in prices, outputs, or other economic indicators over time.

Consumer Price Index

An indicator assessing the mean fluctuation over time in the expenses borne by city dwellers for a designated assortment of consumer products and services.