Question

A sample of 5 months of sales data provided the following information.

Month	1	2	3	4	5
Units Sold	100	98	80	92	95

(a)

Develop a point estimate of the population mean number of units sold per month.

b) Develop a point estimate of the population standard deviation. (Round your answer to two decimal places.)

Answer 1

Solution :

Summary statistics:

Column	Mean	n	Std. dev.
data	93	5	7.8740079

(a) a point estimate of the population mean number of units sold per month is 93

(b) a point estimate of the population standard deviation is 7.87