Based on factors (e.g, academic reputation, financial aid offerings, overall cost, and success of graduates in the post-college job market) that actual college freshmen said were most important to their college decision, College Choice developed their 2015 Rankings of National Research Universities. Data for the top 50 universities are saved in the TOPUNIV file. Several are listed in the accompanying table above.
a. The average financial aid awarded values were determined by recording the financial aid awarded to each freshman who attended the university in 2015. Does this statistic represent a population or sample mean? Interpret this value for Harvard University.
b. The median salary during early career values were determined by recording the salaries of a random selection of alumni with 0 to 5 years of experience. Does this statistic represent a population or sample median? Interpret this value for Harvard University.