Exhibit 7-1
A random sample of 121 bottles of cologne showed an average content of 4 ounces. It is known that the standard deviation of the contents (i.e., of the population) is 0.22 ounces.
Refer to Exhibit 7-1. In this problem the 0.22 is
a parameter
a statistic
the standard error of the mean
the average content of colognes in the long run
a parameter