Question

A simple random sample of 5 months of sales data provided the following information: Month:12345 Units Sold:9480859492 (a)Develop a point estimate of the population mean number of units sold per month. x

Answer 1

89 units

Explanation:

-The population's mean point estimate is equivalent to the sample mean.

Given the 5 month units sold is 94,80,85,94 and 92

-Mean is the average of the units sold over the 5 month period:

`\bar X=\frac{\sum {x_i}}{n}\\\\=(94+80+85+84+92)/(5)\\\\=89`

Hence, the point estimate for the population mean is 89 units