Question

Stock prices. As part of an economics class project, students were asked to randomly select 500 New York Stock Exchange (NYSE) stocks from the Wall Street Journal. They were then asked to summarize the current prices (also referred to as the closing price of the stock for a particular trading date) of the collected stocks using graphical and numerical techniques.

a. Identify the population of interest for this study.

b. Is the variable being collected quantitative or qualitative?

c. Identify the data collection method used in this study.

d. Identify the sample of interest for this study.

e. Identify the experimental unit and variable of interest for this study.

Short answer

a. The entire group of stocks traded on the New York Stock Exchange.

b. Quantitative.

c. Published sources.

d. The chosen 500 stocks from NYSE.

e. A single stock traded on the NYSE; the current prices of stock.

Step-by-step solution

Specifying the population of interest

The population of interest for any researcher is the set of items that tends to have some standard features and from which the researcher would draw inferences.In this case, the population of interest isthe entire set of stocks traded on the New York Stock Exchange.

Categorizing the variable as quantitative or qualitative.

The variable that the researcher is interested in is the current price or the closing price specified on each given day. Since prices can be gauged on a numeric scale, it isquantitative.

Defining the data collection method used.

The research study provides information about the 500 stocks traded on the New York Stock Exchange from the Wall Street Journal. Hence, this method relates to data collection frompublished sources. The data collection method revolves around obtaining information from books, newspapers, journals, and other verified sources pertaining to published sources.

Computing the sample of interest

The sample of interest is the designated500 stocks from a pool of stocks traded on the New York Stock Exchange. These 500 stocks are a subset of all stocks that are being traded. Thus it's a sample obtained from the population.

Determining the experimental unit as well as the variable of interest

The experimental unit is the fundamental unit on which the whole study revolved around; in this case, it is asingle stock traded on the NYSE. In addition to this, the variable is the element that keeps on varying. Hence, this is the current price of the stock or, in other words, the closing price of the stock for a certain date.