Question

An analyst for a large credit card company is going to conduct a survey of customers to examine their household characteristics. One of the variables the analyst will record is the amount of purchases on the card last month. The analyst knows that for all customers that have this card the average was $1622. In the sample of 500 customers the average amount of purchases last month was $1732. In this example the number 1732 is

Answer 1

The number 1732 represents the sample mean of monthly credit card purchases for a sample of 500 customers, distinct from the population mean of $1622.

Step-by-step explanation:

The number 1732 in the scenario given refers to the sample mean, which is the average amount of money spent on purchases last month by the 500 customers in the sample. This contrasts with the population mean, which the analyst knows to be $1622 for all customers holding the credit card. The difference between the sample mean and the population mean can be a subject of further statistical analysis to understand customer behavior and spending patterns better.

Answer 2

We can conclude that the value of 1732 is a statistic who represent the sample selected. And the value of 1622 represent the population mean from all the customers with the previous data.

Step-by-step explanation:

Previous concepts

A statistic or sample statistic "is any quantity computed from values in a sample", for example the sample mean, sample proportion and standard deviation

A parameter is "any numerical quantity that characterizes a given population or some aspect of it".

Solution to the problem

For this case the analyst knows that from previous records that the mean for all the customers (that represent the population of interest) is
`\mu = 1622`

He have a random sample of n =500 customers from the previous month and he knows that 1732 represent the sample mean for the selected customers calculated from the following formula:

`\bar X = (\sum_(i=1)^(500) X_i)/(500)= 1732`

So on this case we can conclude that the value of 1732 is a statistic who represent the sample selected. And the value of 1622 represent the population mean from all the customers with the previous data.