Determine Whether the Numerical Value Is a Parameter or a Statistic

question 57

Essay

Determine whether the numerical value is a parameter or a statistic. Explain your reasoning.
-A recent survey by the alumni of a major university indicated that the average salary of 7500 of its 200,000
graduates was $95,000.

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Definitions:

Origin

The starting point or initial position in a coordinate system or mathematical equation.

Center

The point that is equally distant from every point on the circumference of a circle or sphere; by extension, a balanced or neutral position in discussions or analysis.

Price Level

The overall mean price of all current goods and services in the economic setting.

Curve

In economics, a graphical representation showing the relationship between two varying quantities, such as supply and demand.