Question

The National Retail Federation conducted a survey of American shoppers regarding their plans for the 2017 holiday season. Among survey respondents, 59% planned to buy gift cards.

(a) The population of interest is:
b) The parameter of interest is:
c) The sample is:
d) The statistic is:
e) Those who planned to buy gift cards expected to purchase 4 gift cards worth $45 each, on average. How much money do gift card buyers expect to spend on all gift cards combined?

Answer 1

The population of interest is American shoppers, the parameter of interest is the proportion of shoppers who plan to buy gift cards, the sample includes the survey respondents, and the statistic is the proportion of respondents who planned to buy gift cards (59%). Gift card buyers expect to spend $180 on all gift cards combined.

Step-by-step explanation:

a) The population of interest is the American shoppers.

b) The parameter of interest is the proportion of shoppers who plan to buy gift cards.

c) The sample is the group of survey respondents who were asked about their plans for the 2017 holiday season.

d) The statistic is the proportion of survey respondents who planned to buy gift cards (59%).

e) To calculate the amount of money gift card buyers expect to spend on all gift cards combined, multiply the average number of gift cards they plan to purchase (4) by the average value of each gift card ($45). Therefore, they expect to spend 4 * $45 = $180 on all gift cards combined.