Three Methods for Random Sampling Are: (A) Simple Random Sampling

question 2

Essay

Three methods for random sampling are: (a) simple random sampling, (b) stratified random sampling, and (c) cluster sampling. In a few sentences, discuss the similarities and differences among these sampling methods. Specifically, what sampling circumstances would lead you to choose each of these methods?

---

Definitions:

Shadow Price

In economics and optimization, it refers to the monetary value assigned to an otherwise intangible or non-marketable commodity based on its scarcity or the cost of its limitation in a certain context.

Optimal Solution

The best achievable outcome or decision among a set of alternatives that maximizes or minimizes the desired objective.

Scarce Resources

Resources that are limited in availability and cannot meet all demands of production or consumption at the same time.

Shadow Price

In economic theory, the value of an additional unit of a constrained resource, or the opportunity cost of not having that additional resource available.