Question

Develop a point estimate of the population mean number of units sold per month. What statistical concept is being applied in this statement?

A) Confidence interval
B) Hypothesis testing
C) Point estimate
D) Regression analysis

Answer 1

The statistical concept being applied in the statement is point estimate.

Step-by-step explanation:

The statistical concept being applied in the statement is point estimate. In statistics, a point estimate is a single value that is used to estimate an unknown population parameter, such as the population mean number of units sold per month. It is derived from sample data and is most likely not the exact value of the population parameter, but close to it.