Answer:
a) Median Monthly Benefit = $439
b) The mean computed above is a STATISTIC. This is because, the mean of their monthly benefits ($455.14) was calculated from a SAMPLE (which could have been known or random) of single persons in Towson Texas.
Explanation:
In the above question, we are given:
: $426, $299, $290, $687, $480, $439, and $565.
a) Median Monthly benefits
First we arrange the monthly benefits from the lowest to the highest
$290, $299, $426, $439, $480, $565, $687
Median Monthly Benefit is the number found in the middle of the Monthly benefits.
We were given 7 monthly benefit
$290, $299, $426,) $439, ($480, $565, $687
The median monthly benefit = $439
(b) Is the mean you computed in (a) a statistic or a parameter? Why?
The Mean Monthly Benefit = Sum of terms/Number of terms
Number of terms = 7
($290 + $299 + $426 + $439 + $480 + $565 + $687)/ 7
= $3186/7
= $455.14285714286
Approximately ≈$455.14
In the question we are asked if the Mean calculated or computed above is a Statistic or a Parameter.
The mean computed above is a STATISTIC. This is because, the mean of their monthly benefits ($455.14) was calculated from a SAMPLE (which could have been known or random) of single persons in Towson Texas.