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Answer to Question #140620 in Statistics and Probability for Katte

Question #140620
A research firm conducted a survey to determine the mean amount of money smokers spend on cigarettes during a day. A sample of 100 smokers revealed that the sample mean is N$ 5.24 and sample standard deviation is N$ 2.18 Assume that the sample was drawn from a normal population.
2.1) Find the point estimate of the population mean
1
Expert's answer
2020-10-27T18:36:23-0400

The sample mean $5.24 is a point estimate of the unknown population mean and is the best estimate, given the data.


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