Hello, Could you please help me with below economics question? Suppose you are a

Question

Hello,

Could you please help me with below economics question?

Suppose you are a consultant to a fast food chain restaurant. The fast food chain is interested in measuring the population variance in the number of customers it has on a daily basis in all its stores in the U.S. However, it is limited in its ability to track this number across all stores and has to select a sample. Think crititally about the following questions:

A) There are two estimators for the population variance in different levels of bias and variance. Explain how you would go about choosing between these two estimators. Please provide at least 3 estimators for the population variance and the reasons why the estimator selected.

B) You are interested in coming up with a 95% confidence interval for the population variance. How would you go about deciding the number of outlets to sample? Please explain why.

Explanation / Answer

A) There are two estimators for the population variance in different levels of bias and variance. Explain how you would go about choosing between these two estimators. Please provide at least 3 estimators for the population variance and the reasons why the estimator selected.

one way to choose one variance is with a cramer row limit that is for choose a variance bias

another way is to select a sample size representative to aproximate our data to a normal distribution Z

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