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Chapter 1: Q8. (page 49)
Explain how populations and samples differ?
The main difference between sample and population is that the sample is the subpart of a population.
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College application data. Colleges and universities are requiring an increasing amount of information about applicants before making acceptance and financial aid decisions. Classify each of the following types of data required on a college application as quantitative or qualitative.
a. High school GPA
b. Honors, awards
c. Applicant's score on the SAT or ACT
d. Gender of applicant
e. Parents’ income
f. Age of applicant
Corporate sustainability and firm characteristics. Corporate sustainability refers to business practices designed around social and environmental considerations (e.g., "going green"). Business and Society (March 2011) published a paper on how firm size and firm type impact sustainability behaviors. The researchers added questions on sustainability to a quarterly survey of Certified Public Accountants (CPAs). The survey was sent to approximately 23,500 senior managers at CPA firms, of which 1,293 senior managers responded. (Note: It is not clear how the 23,500 senior managers were selected.) Due to missing data (incomplete survey answers), only 992 surveys were analyzed. These data were used to infer whether larger firms are more likely to report sustainability policies than smaller firms and whether public firms are more likely to report sustainability policies than private firms.
a. Identify the population of interest to the researchers.
b. What method was used to collect the sample data?
c. Comment on the representativeness of the sample.
d. How will your answer to part c impact the validity of the inferences drawn from the study?
Suppose that a production batch contains 1,000 units and you have to select 10 units for quality assurance. Use a random number generator to select a simple random sample of n = 10 from the production batch.
Stock prices. As part of an economics class project, students were asked to randomly select 500 New York Stock Exchange (NYSE) stocks from the Wall Street Journal. They were then asked to summarize the current prices (also referred to as the closing price of the stock for a particular trading date) of the collected stocks using graphical and numerical techniques.
a. Identify the population of interest for this study.
b. Is the variable being collected quantitative or qualitative?
c. Identify the data collection method used in this study.
d. Identify the sample of interest for this study.
e. Identify the experimental unit and variable of interest for this study.
What is a representative sample? What is its value?
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