Question

an art collector bought 20 paintings at an art fair, and wants to know the average price of the paintings ahe purchased at the fair. She adds the prices of all the paintingsand dividesthis number by 20 to find an average price of $3550. Is this price a sample mean or a population mean, and which symbol would be used to donate it?

Answer 1

Answer:

The calculated mean price is a sample mean and it is denoted by x.

Step-by-step explanation:

Given that

Mean price of paintings = $3550

Number of paintings = 20

In order to decide whether it is a population mean or a sample mean we have to understand the terms first.

Population:

Population is the overall collection from which a sample or observations are taken.

Sample:

The small or less number of observations that we take from a large population to perform data analysis is called sample.

In the given scenario, all the paintings at the art fair are population while the number of paintings that the art collector bought is a sample.

Hence,

The calculated mean price is a sample mean and it is denoted by x.