2 9 Time magazine in an article in the late 1950s stated that the average Yaleman class of 1924 makes 25 111 a year which in

Question

2 9 Time magazine in an article in the late 1950s stated that the average Yaleman class of 1924 makes 25 111 a year which in today s dollars would be over 150 000 Time s estimate was based on replies to a sample survey questionnaire mailed to those members of the Yale class of 1924 whose addresses were on file with the Yale administration in the late 1950s a What is the survey s population of interest b Were the techniques used in selecting the sample likely to produce a sample that was representative of the population of interest c What are the possible sources of bias in the procedures used to obtain the sample d Based on the sources of bias do you believe that Time s estimate of the salary of a 1924 Yale graduate in the late 1950s is too high too low or nearly the correct value

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