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Point estimate of the population mean

Problem: Bob Nale is the owner of Nale's Texaco GasTown. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. From his records, he selects a random sample of 60 sales and finds the mean number of gallons sold is 8.60 and the standard deviation is 2.30 gallons. PLease Show all work in excel Spread Sheet with formulas

a) What is the point estimate of the population mean?

b) Develop a 99% confidence interval for the population mean.

c) Interpret the meaning of part b.

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Point estimate of the population mean

Reference No:- TGS01745273

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Point estimate of the population mean

Reference No:- TGS01745273

Recent Questions Asked Microeconomics

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