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ECO 230 Notes - • Simple random sampling is a procedure...

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Economic Statistics: Capitulo 1: Statistics: is a tool to help us process, summarize, analyze, and interpert data for the purpose of making better decisions in an uncertain environment. Population and sample A population is the complet set of all items that interst an investigator, Population size, N, can be very large or even infinite. A sample is an observed subset (or portion) of a population with sample size given by n . Examples of populations: potential apple buyers, registerd voters in a city, etc. Random Sampling
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Unformatted text preview: • Simple random sampling is a procedure used to select a sample of n objects from a population in such a way that each member of the population is chosen strictly by chance, the selection of one member does not influence the selection of any other member, each member of the pouplation is equally likley to be chosen, and every possible sample of a given size n, has the same chance of selection. This method is so common that the adjective simple is generally dropped, and the resulting sample is called a random sample....
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