On an average, a person in the United States spends $10,348 on healthcare annually (2016 data, ref). If you were doing a study to update this result for 2017-2018, how would you select your sample and why?
We will select our sample using Stratified Sample Technique as follows:
Decide the Total Sample size for the study, based on statistical methods. Simce the population of United States is large, obtaining a reasonable sample size requires approximating assumptions.
Divide the entire United States into various strata: here, the various strata can be the various states.
Compute the sample size required for each state depending on the opulation of the state.
Collect data on the amount of money spent by each person in the sample on healthcare annually for 2017-2018.
The entire data collected in such a way will provide the accurate sample for our above study.
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