Question

An art collector bought 20 paintings at an art fair and wants to know the average price of the paintings she purchased at the fair. She adds the prices of all the paintings and divides this number by 20 to find an average price of $350. Is this price a sample mean or a population mean, and which symbol would be used to denote it?

Answer 1

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

Given that

Mean price of paintings = $3550

Number of paintings = 20

What is population and sample mean?

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

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

In the given data, 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.

Learn more about population ;

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