00:01
We have been given a sample of data here, and we want to find the point estimate for the population mean and the population standard deviation.
00:10
So what is a point estimate? well, a point estimate is basically our best guess based on the information we have been given.
00:20
So all we know about this population is the sample we have been given.
00:24
So the point estimate for the population mean is the sample mean, the point estimate, the point.
00:30
The point estimate for the population standard deviation is the sample standard deviation.
00:37
So let's find those.
00:38
The formula for the mean is just the same as any mean, really.
00:43
You take each possible value, add all of them up, divide by the number of pieces of data.
00:49
This is a little bit more complicated.
00:52
You take each value, you subtract the mean, you square the difference, you add all of them up, and now it differs depending on if you're looking at a population or a sample.
01:02
If it's a sample standard deviation, you divide by n minus 1.
01:07
If it's a population, you divide by n.
01:09
So here we're going to divide by n minus 1, because we are finding the standard deviation of a sample.
01:15
And then we square root...