A wedding photographer made $500 on average in the 5 years it has been operational. Asample of 12 months were analyzed and it was found that he made an average of $620.i. Does the value $500 refer to the parameter or to the statistic? ii. Is the value $620 a parameter or a statistic? iii. State two advantages of using a sample statistic rather than a parameter.
A wedding photographer made $500 on average in the 5 years it has been operational. Asample of 12 months were analyzed and it was found that he made an average of $620.i. Does the value $500 refer to the parameter or to the statistic? ii. Is the value $620 a parameter or a statistic? iii. State two advantages of using a sample statistic rather than a parameter.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A wedding photographer made $500 on average in the 5 years it has been operational. A
sample of 12 months were analyzed and it was found that he made an average of $620.
i. Does the value $500 refer to the parameter or to the statistic?
ii. Is the value $620 a parameter or a statistic?
iii. State two advantages of using a sample statistic rather than a parameter.
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