How Can a Researcher Estimate the Population Standard Deviation Before

question 3

Multiple Choice

How can a researcher estimate the population standard deviation before selecting the sample?

• A) use results from a prior survey
• B) conduct a pilot survey
• C) use secondary data
• D) use judgment
• E) all are ways to estimate standard deviation

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Definitions:

Personal Costs

Expenses borne directly by an individual, including out-of-pocket payments and the opportunity costs of alternative actions.

Economic Activity

All activities related to the creation, dissemination, and use of products and services in an economy.

Scarce Resources

Resources that are limited in supply and cannot meet all the demands placed on them by humans.

Rational Decision

A rational decision is a choice made by comparing the anticipated outcomes, where the best possible result is selected based on some consistent criterion.