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For exampl1 - close to $27,500 as well This example is one...

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For example, say you want to know the mean income of the subscribers to a particular magazine—a  parameter of a population. You draw a random sample of 100 subscribers and determine that their  mean income is $27,500 (a statistic). You conclude that the population mean income μ is likely to be 
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Unformatted text preview: close to $27,500 as well. This example is one of statistical inference. Different symbols are used to denote statistics and parameters, as Table 1 shows. Table 1. Comparison of Sample Statistics and Population Parameters Sample Statistic Population Parameter Mean μ Standard deviation s sigma Variance s 2 sigma 2...
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