The marketing manager for an electronics chain store wants information about the ages of its customers. Over the next two weeks,
at each store location, 100 randomly selected customers are given questionnaires to fill out asking for information about age, as well as about other variables of interest. A) Determine the type of sampling used (simple random, stratified, systematic, cluster, or convenience). B) What is the population?
In this case, they are using a simple random sampling method, because in each store they choose 100 random people without stratifying them or put any condition. In the simple random sampling method, the samples have the same probability to be chosen, but it isn't reliable in big populations. The population is all the costumers that visit all the stores, while the sample is just the costumers that were surveyed in all the stores. So, it's a simple random sampling method, and the population is all the people that visit all the stores.
b. Suppose you have $10, and are going to play until you go broke or have $30. What is your best strategy for playing? Explain using information you learned in this module's material, such as expected value
