Determine Whether the Underlined Value Is a Parameter or a Statistic

question 96

Multiple Choice

Determine whether the underlined value is a parameter or a statistic.
-28.2% of the mayors of cities in a certain state are from minority groups.

• A) parameter
• B) statistic

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Definitions:

Contribution Margin Per Unit

The selling price per unit minus the variable cost per unit, indicating how much contributes to covering fixed costs and profit.

Operating Income

The profit realized from a business's operations after deducting operating expenses such as wages and cost of goods sold.

Contribution Format

A type of income statement that separates fixed and variable costs to highlight the contribution margin.

Unit Contribution Margin

The amount that each unit sold contributes towards covering fixed costs and generating profit, calculated as the selling price per unit minus variable costs per unit.