Qualitative Business Analytics Homework

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Homework Assignment 1 for Units 1, 2, and 3 (30 points) .
Question 1 (Unit 1). Clearly explain how a population parameter differs from a sample statistic. What
are the notations for the population mean, population variance, and population proportion? What are
the notations for the sample mean, sample variance, and sample proportion?
Question 2 (Unit 1). A large university claims that its graduates make at least $60 thousand per year
for their first job after graduation. The average salary from a random sample of 100 graduates is found
to be $57 thousand, with a standard error of $1 thousand. Now, answer the following questions.
a. What kind of descriptive measure are we dealing with here (mean, variance, or proportion)?
b. What is the population?
c. What is the sample?
d. What is the population parameter?
e. What is the sample statistic?
f. What does “$60 thousand” represent in this example? Clearly explain.
g. What does “$57 thousand” represent in this example? Clearly explain.
h. Explain how the sample statistic can be used to test the claim made by the university. Do you
reject the claim? Show your work.

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