critical thinking question

ECO 510 Module Six Critical Thinking Guidelines and Rubric Suppose you are a consultant to a fast food chain. The fast food chain is interested in measuring the population variance in the number of customers it has on a daily basis in all its stores in the U.S. However, it is limited in its ability to track this number across all stores and has to select a sample. Think criti cally about the following questions: 1. There are two estimators for the population variance with different levels of bias and varian ce. Explain how you would go about choosing between these two estimators. 2. You are interested in coming up with a 95% confidence interval for the population variance. How would you go about deciding t he number of outlets to sample? Guidelines for Submissio n: Your response should one to two pages in length with double spacing, 12 -point Times New Roman font, one -inch margins, and APA citations. Instructor Feedback : This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions . Critical Elements Exemplary Proficient Needs Improvement Not Evident Value Identification of Estimators for Population Variance Correctly identifies both estimators for population variance 100% Identifies only one estimator for population variance correctly 70% Does not identify any estimators for population variance 0% 10 Explanation of Choice of Estimator Submission meets “Proficient” and includes examples to support explanation 100% Clearly explains reasoning for the estimator selected 90% Attempts to explain why the particular estimator was selected, but is not clear 70% Does not present an explanation for the choice of estimator 0% 35 Explanation of Outlet Sample Decision Submission meets “Proficient” and includes examples to support explanation 100% Clearly explains decision for the number of outlets to sample 90% Attempts to explain the decision for the number of outlets to sample, but is not clear 70% Does not explain the decision for the number of outlets to sample 0% 35 Course Vocabulary Meets “Proficient” and integrates the course vocabulary into all aspects of the case study 100% Applies vocabulary for the economic topic throughout case study 90% Uses some vocabulary or phrases, but not in the context of the questions 70% Does not include economic vocabulary 0% 10 Articulation of Response Submission is free of errors related to grammar, spelling, syntax, and organization and is presented in a professional and easy -to-read format 100% Submission has no major errors related to grammar, spelling, syntax, or organization 90% Submission has major errors related to grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas 70% Submission has critical errors related to grammar, spelling, syntax, or organization that prevent understanding of ideas 0% 10 Earned Total 100%