Consider the selling prices($) of the 800 bicycles sold at Bike World during June.
Twenty of the bike sales are selected and the selling prices are noted. The average selling price of this sample is $355.
(a) Describe the population under consideration and the population size?
(b) Describe the sample and the sample size?
(c) Is $355 a parameter or a statistic? Explain.
(d) If a frequency histogram of the 20 selling prices is drawn and the histogram is analyzed, is this an example of descriptive statistics or inferential statistics? Explain.
(e) If $355 is used to estimate the average selling price of all 800 bikes, is this an example of descriptive statistics or inferential statistics? Explain.