Explain the difference between and give examples of both a population and a sample. Also explain when it would be more beneficial to collect sample data over population data
What will be an ideal response?
A population can be anything that one defines it to be. It consists of all items of interest, for example, all undergraduate students in the U.S. A sample is a subset of the population, for example, undergraduate students attending a specific university. It would be more beneficial to collect sample data when complete information about a population is difficult or impossible to obtain such as when the desired population spans nationwide and the firm is working on a low budget.
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