The mean age of all 695 used cars for sale in a newspaper one Saturday last mont

Question

The mean age of all 695 used cars for sale in a newspaper one Saturday last month was 7.2 years, with a standard deviation of 7.0 years. The distribution of ages is right-skewed. For a study to determine the reliability of classified ads, a reporter randomly selects 30 of these used cars and plans to visit each owner to inspect the cars. He finds that the mean age of the 30 cars he samples is 7.8 years and the standard deviation of those 30 cars is 5.1 years.

a. From the problem statement, which of the values 7.2, 7.0, 7.8, and 5.1 are parameters and which are statistics?

Explanation / Answer

a)

here as 7.2 and 7 represent mean and std deviation age for all of the used cars for sale ; therefore it represent populaiton mean and std deviation and hence are parameters,

5.1 and 7.8 is mean and std deviation for sample and not population therefore are statistics.

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