Final answer:
To obtain a point estimate for the population mean wedding cost, divide the sum of the given data by the number of observations.
Step-by-step explanation:
To obtain a point estimate for the population mean wedding cost, you need to calculate the sample mean. The sum of the given data is 390496. Divide this sum by the number of observations (20) to find the sample mean. So, the point estimate for the population mean wedding cost is:
x' = 390496 / 20 = 19524.8 dollars
So, the point estimate for the population mean wedding cost (μ) of all recent U.S. weddings is approximately $19,524.80.
The Complete Question is:
A random sample of 20 U.S. weddings yielded the following data on wedding costs in dollars:
19331,8162,25723,33016,13279,6632,12599,20249,31571,7006
21082,34036,21388,12922,15574,19994,10083,15336,31112,31401
a) Use the data to obtain a point estimate for the population mean wedding cost, μ, of all recent U.S. weddings. Note: The sum of the data is 390496.
x'=