Question

1. Imagine you’re planning to estimate the price of the average book at your college bookstore. The bookstore carries 13,000 titles, but you plan to sample only 200 books. You will select a sample of 200 books, record the price of each book, and use the average of the 200 books to estimate the average price of the 13,000 titles in the bookstore. Assume that the bookstore can give you access to a database that lists all 13,000 titles that it carries (example adapted from Cozby, 2007). Based on this information, answer the following questions: a. What is the sample in this study, and what is the population of interest?

Answer 1

All 13,000 titles in the bookstore

Explanation:

We are given the following in the question:

The bookstore carries 13,000 titles.

Sample size, n = 200

Population and sample:

• Population is collection of all the possible observation of an event.
• A sample is a part of a population and is always smaller than a population.
• Sample statistics are used to estimate the population parameters.

Population of interest:

All 13,000 titles in the bookstore

Sample:

Sample of 200 books that is used to approximate the mean price of all 13,000 titles in the bookstore.