Question

question #8
in a study of 25 local gyms, the average membership price was $28.51 per month. after 3 years, the average price had increased to $39.76 per month.
does this study have practical significance?
yes, because the increase has an impact on the customer.
yes, because the increase in price is very small.
no, because there is not enough information given to make a conclusion.
no, because the increase has almost no impact on the customer.

question #9
in a study of average home sizes, it was found that the average home size in a specific county in texas is 1386.11 square feet. determine whether 1386.11 square feet is a statistic or a parameter.
it is a statistic because the value describes a characteristic of a sample.
it is a statistic because the value describes a characteristic of a population.
it is a parameter because the value describes a characteristic of a sample.
it is a parameter because the value describes a characteristic of a population.

Explanation:

Question #8

Practical significance means the result has a real - world impact. Here, the price increase from $28.51 to $39.76 per month is likely to affect customers (e.g., budget considerations). A small increase (if it was) would not have practical significance, but this is a noticeable increase. The information given is sufficient to conclude about impact on customers.

A parameter describes a characteristic of a population. A statistic describes a characteristic of a sample. Since the average home size is for a specific county (the entire population of that county, assuming the study is about the county's homes as a whole), it is a parameter.

Answer:

Yes, because the increase has an impact on the customer.

Question #9