Understand statistics as inference about population parameters from random samples.
Separate parameter and statistic type, symbol, and value
Problem
A resident sample has mean income \(\$52,000\) and is used to estimate the true mean income of all residents. Identify the parameter and statistic with their symbols and known values.
Big Picture
What this problem is really about
First identify whether each quantity describes the full population or the observed sample. A population parameter is generally unknown and uses population notation, while the matching sample statistic is computed from data and has a known value. The statistic estimates the parameter, but sampling variability means the two should not be written as automatically equal.
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