the mean monthly electric bill for 43 residents of the local apartment complex is $69. what is the best point estimate for the mean monthly electric bill for all residents of the local apartment complex?

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24-11-2022
Mathematics

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the mean monthly electric bill for 43 residents of the local apartment complex is $69. what is the best point estimate for the mean monthly electric bill for all residents of the local apartment complex?

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HafsaM HafsaM · Answer 1 · 2022-12-05T05:39:31-05:00

The best point estimate for the mean monthly electric bill for all residents of the local apartment complex is $69.

It is given that the mean monthly electric bill for 43 residents of the local apartment complex is $69.

That means the sample mean X for 43 residents is $69.

And we know that the sample mean, X is the best point estimate of the population mean, μ.

Therefore the best point estimate for the mean monthly electric bill for all residents of the local apartment complex is $69.

The point estimate for the population mean is the sample mean. Point estimate is the one value that is used to estimate the population parameter. It is also known as the unbiased estimate of the population mean is the sample mean.

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