Answer:
Population = 75,342 households
Sample = 400 randomly selected households
The percentage who live in a single household unit = Parameter
The average of 2.9 person per household of all households in the city = parameter
The $65,000 median family income of all the households in the city = Parameter
Step-by-step explanation:
The population refers to all the entire elements, observations or subject which fits into a particular study. In the scenario above, the entire household in the city of study. That is, the 75,342 households.
The sample is the subset of the population which is a smaller set of observation meant to be representative of the larger population. The sample here is the 400 randomly selected households.
Parameter differs from statistics in that numerical estimates or calculations obtained from the population is called the parameter while the numerical characteristics derived from the sample is called statistic.
$6.75/10 = $.68 per option 1
$7.25/12 = $.60 per option 2
Option 2 is the better buy
4-6, because it is the largest
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