document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1196687>Question 1196687</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You want to rent an unfurnished one-bedroom apartment in Boston next year. The mean monthly rent for a simple random sample of 32 apartments advertised in the local newspaper is $1 400. Assume that the standard deviation is known to be $220.\r<BR>\n" );
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document.write( "Does the confidence interval give us information about the statistic or the parameter?\r<BR>\n" );
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document.write( "statistic\r<BR>\n" );
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document.write( "parameter\r<BR>\n" );
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document.write( "Answer: Parameter\r<BR>\n" );
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document.write( "Reason:<BR>\n" );
document.write( "The parameter measures something about the population. Both parameter and population start with P to help remember this.\r<BR>\n" );
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document.write( "The statistic measures the sample. Both start with S. \r<BR>\n" );
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document.write( "For example, the population mean (mu) is a parameter. An estimate of this is xbar which is the sample mean, which is a statistic.\r<BR>\n" );
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document.write( "We can easily compute statistics since sample sizes aren't too large. Population sizes on the other hand get unwieldy due to their very large nature. This is why the class of statistics is needed. The name itself refers to the idea of using a sample to estimate a population. \r<BR>\n" );
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document.write( "When we form a confidence interval, we're making an educated guess as to where a population parameter could be. It's not a guarantee of course since we're not 100% confident, but rather 95% confident as one example. \r<BR>\n" );
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document.write( "In this current problem, n = 32 is the sample size and xbar = 1400 is the sample mean of rents. The phrasing \"Assume that the standard deviation is known to be $220.\" refers specifically to the population standard deviation. Realistically we won't know what this is since it's a population parameter. Though we assume a previous study nailed this figure down earlier.\r<BR>\n" );
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document.write( "We set up a confidence interval centered around xbar to help try to locate mu. <BR>\n" );
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