Question

State whether the quantity described is a parameter or a statistic and give the correct notation. Is the average household income for all houses in the US using data from the US Census a parameter or a statistic?

1) Parameter
2) Statistic

Answer 1

The average household income for all houses in the US using data from the US Census is a parameter, represented by μ.

Step-by-step explanation:

The average household income for all houses in the US using data from the US Census is a parameter. The correct notation for this parameter is μ. A parameter is a numerical characteristic of the entire population, and in this case, it represents the average household income for all houses in the US.