Suppose i am interested in the average price of books at a bookstore. i randomly pick 15 books.?
i calculate the average of those, report my findings to the newspaper. can you identify the following:
a. the population under consideration
b. the parameter of intrest
c. the sample involved
d. the statistic involved
do you think the statistic will give us good information about the parameter of intrest?
You want an estimate of the mean price of all books in the store from a random sample of 15 books.
Does rephrasing the problem help?