Explain the Sources of Bias in Sampling

question 31

Essay

Explain the Sources of Bias in Sampling
-A local hardware store wants to know if its customers are satisfied with the customer service they receive. The store posts an interviewer at the front of the store to ask the first 50 shoppers who leave the store, How satisfied, on a scale of 1 to 10, were you with this store s customer service Determine the type of bias.

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Definitions:

Accounting Profit

The total revenue of a business minus the explicit costs, representing the financial gain shown in the income statement.

Implicit Costs

The opportunity costs that arise from using assets, resources, or funds to undertake an action instead of another activity, not directly recorded in financial statements.

Explicit Costs

Direct monetary expenses incurred in the course of doing business, such as wages, rent, and materials.

Peak Efficiency

The optimal point at which a particular process or system operates with maximum effectiveness or efficiency.