Determine Whether the Underlined Value Is a Parameter or a Statistic

question 48

Multiple Choice

Determine whether the underlined value is a parameter or a statistic.
-The average age of the 65 students in Ms Hope s political science class is 21 years 5 months.

• A) parameter
• B) statistic

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Definitions:

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is unattainable.

Administrative Cost

Refers to expenses related to the general operation of a business, including office supplies, management salaries, and other non-production related costs.

Equilibrium Pricing

The point at which the supply of a product matches demand, setting the market price.

Deadweight Loss

A loss in economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.