Data Example WaWa, Inc. is considering the potential of opening a new convenienc

Question

Data Example WaWa, Inc. is considering the potential of opening a new convenience store in a middle-class suburban neighborhood in Newark, NJ. There are over 1,240 different households in the neighborhood and WaWa would like to determine the average household income of all households in the neighborhood. WaWa hired a local marketing research firm to conduct a door-to-door survey. Suppose that the sampling continued until 100 households gave responses. Suppose further that the average income for the 100 households surveyed was $64,425 o Population:? Sample: o Parameter:? o Statistic: ? Fall 2017, Stat 226 (Sections L) Introduction to Business Statistics Module 1, Chapters 1-3 27 /43

Explanation / Answer

Population = 1240

Sample = 100   

Parameter = mean of population

Statistic = 64425

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