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A statistics teacher wants to know how students in her school feel about mathematics courses. She decides to administer a
survey to a random sample of students taking a mathematics course. She has several sampling plans to choose from.
a. There are four ranks of students taking the class: freshmen, sophomores, juniors, and seniors. Randomly select 15 students
from each class rank.
b. Randomly select ten math class sections and survey every student in each of those sections.
c. Each student has a nine-digit student number. Randomly choose 60 different nine-digit numbers and survey the students
that correspond to those numbers.
d. Randomly select a number from 1 to 5. Using the class roster, start at that number, then select every fifth student from the
list after that.
-Name the sampling strategy in each plan.
Wholesale Rates
Prices charged for goods in large quantities, typically lower than retail prices and offered to retailers or other businesses rather than individual consumers.
Price Taker
A market participant that accepts the prevailing market prices as they do not have enough market power to influence prices.
Close Substitutes
Products or services that can easily replace each other in the eyes of the consumer due to their similar features or functions.
Total Revenue
The total income received by a firm from its sales of goods or services, calculated by multiplying the price per unit by the number of units sold.
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