Question

Parameter definition in statistics with example

Answer 1

A parameter is a characteristic of a population. ... 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).

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Answer 2

Explanation:

parameters in statistics is an important component of any statistical analysis. This means the parameters tells us something about the whole population.

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