A simple random sample of 5 months of sales data provided the following information: Month: 1 2 3 4 5 Units Sold: 94 85 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 =
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Mean = (Sum of all values) / (Number of values) Mean = (94 + 85 + 85 + 94 + 92) / 5 Mean = 450 / 5 Mean = 90 So, the point estimate of the population mean number of units sold per month is: (a) $\boldsymbol{\mu = 90}$ Show more…
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