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A small gallery has records for every artwork sold during one month and wants the mean sale price for that month. Should it take a sample or conduct a census? Justify.
Hints
- Compare the target population with the available records.
- Ask whether every observational unit can be included.
- Decide whether estimation from a subset is necessary.
Solution
1. Complete records are available for every artwork in the target population.
2. The target population is limited to sales during one month.
3. Using all records is a census and gives the exact population mean for that month.
4. Sampling is unnecessary unless cost or data quality creates a reason not to use all records.
Answer
Use a census of all artworks sold during the month. The full data are available, so the gallery can calculate the exact mean sale price for that population.
