Solved: Point estimate of the population mean, Basic Statistics

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Point estimate of the population mean

Question: A local 7-11 store conducted a survey to determine the average amount of money that beer drinkers spend during SPRING BREAK Week. A sample of 50 "winos" revealed that X = $24 and the standard deviation was $6.

• What is the point estimate of this population mean? What does it signify?
• Using the 97% level of confidence, determine the confidence interval for u.

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Basic Statistics: Point estimate of the population mean

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Solution Preview :

Prepared by a verified Expert

Basic Statistics: Point estimate of the population mean

Reference No:- TGS0686676

Have a Question? (oR Write a Review)

Recent Questions Asked Basic Statistics

Q : Net income for the year ended

Q : Draw a histogram of the population distribution

Q : Determine the change in wolverines cash balance

Q : Compare kurt lewin-s change theory with strategies

Q : Point estimate of the population mean

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Solution Preview :

Prepared by a verified Expert

Basic Statistics: Point estimate of the population mean

Reference No:- TGS0686676

Recent Questions Asked Basic Statistics

Q : Net income for the year ended

Q : Draw a histogram of the population distribution

Q : Determine the change in wolverines cash balance

Q : Compare kurt lewin-s change theory with strategies

Q : Point estimate of the population mean

Q : Which of the two alternatives will yield

Q : Estimating the annualized return

Q : Estimate the proportion of customers

Q : Principal benefits for operating a landfill

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