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A researcher conducted a survey of graduating college students. 350 college students were randomly selected to answer the survey. One of the survey questions asked, “How much do you owe in student loans?” The average student loan debt reported by respondents was $42,576 with a standard deviation of $2,801.$42,576 is the point estimate for which of the following? The mean salary of all college students who graduate college. The standard deviation of loan debt of all college students who graduate college. The proportion of all college students who graduate college in debt. The mean loan debt of all college students who graduate college.

Question

A researcher conducted a survey of graduating college students. 350 college students were randomly selected to answer the survey. One of the survey questions asked, “How much do you owe in student loans?” The average student loan debt reported by respondents was 42,576withastandarddeviationof42,576 with a standard deviation of 2,801.$42,576 is the point estimate for which of the following? The mean salary of all college students who graduate college. The standard deviation of loan debt of all college students who graduate college. The proportion of all college students who graduate college in debt. The mean loan debt of all college students who graduate college.

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Solution

The $42,576 is the point estimate for the mean loan debt of all college students who graduate college.

Here's why:

  1. The survey asked about the amount of student loan debt, and the average (or mean) amount reported was $42,576. This average is a point estimate, which is a single value estimate of a parameter. In this case, the parameter is the mean student loan debt of all graduating college students.

  2. The other options are not correct because:

    • The survey question did not ask about salary, so we cannot make a point estimate about the mean salary.
    • The standard deviation given is related to the responses in the survey, not a point estimate for the standard deviation of all student loan debt.
    • The survey question did not ask about the proportion of students in debt, so we cannot make a point estimate about this proportion.

This problem has been solved

Similar Questions

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