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    Probability vs. Statistics; Variable vs. Parameter

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    1. Determine if this is an example of probability or statistics:
    The average home price in one particular U.S. city is $214,000.

    2. Determine if this is an example of a variable or a parameter:
    79.6% of Americans own at least one vehicle.

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    Solution Preview

    1. Statistics

    Probabilities express likelihood, whereas statistics are facts/calculations based on ...

    Solution Summary

    The solution explains why the given examples are probability vs. statistics or variable vs. parameter.