A simple random sample of 5 months of sales data provided the following information:
Month: | 1 | 2 | 3 | 4 | 5 |
Units Sold: | 94 | 80 | 85 | 94 | 92 |
(a) | Develop a point estimate of the population mean number of units sold per month. |
x = | |
(b) | Develop a point estimate of the population standard deviation. If required, round your answer to two decimal places. |
s = ANSWERS ARE NOT 2.98 & 1.46 |
A)
Population mean = (94+80+85+94+92)/5
x̅ = 89
B)
Population standard deviation
=√[(94-89)^2 + (80-89)^2 + (85-89)^2 + (94-89)^2 + (92-89)^2] /√4
= √39
=6.24
A simple random sample of 5 months of sales data provided the following information: Month: 1...
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