A Statistics Instructor Wishes to Know the Average Age (In

question 58

Multiple Choice

A Statistics instructor wishes to know the average age (in month) of his 200 students.He is too lazy to sample all 200 students so he decides to choose 20 students at random from the class and ask them for their age.He breaks the class up into two groups,males and females.He then selects a SRS of size 10 from each gender group.This sampling method is called a

• A)Cluster Sample.
• B)Simple Random Sample.
• C)Voluntary Sample.
• D)Stratified Random Sample.
• E)Systematic Random Sample.

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Definitions:

Network Effects

The phenomenon whereby a product or service gains additional value as more people use it.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the average cost per unit of output decreases with increasing scale.

Monopolist

A sole provider of a particular good or service in a market, possessing the power to control prices and exclude competition.

Price Maker

A firm or entity that has significant control over the price of the goods or services it provides, due to lack of competition.