Answer to Question #196050 in Economics for Mean

Question

1.      Simple random sampling uses a sample of size n from a population of size N to obtain data that can be used to make inferences about the characteristics of a population. Suppose that, from a population of 50 bank accounts, we want to take a random sample of four accounts in order to learn about the population. How many different random samples of four accounts are possible

Answer 1

If from a population of 50 bank accounts, we want to take a random sample of four accounts in order to learn about the population, then the number of different random samples of four accounts possible are: $C(50;4) = \frac {50!} {(50 - 4)!*4!} = 230,300.$