00:01
For this problem, we know that we want to find the point estimate for the population variance.
00:07
Our best point estimate for the population variance is going to be our sample variance.
00:13
In order to get the sample variance, we'll first need to find the sample mean, which we find by taking the sum of each value in the data set, divided by the number of values.
00:23
So we have, let's see, 1, 2, 3, 4, 5, 6, 7, 8 values.
00:28
Values.
00:28
The sum of all the values in x is 184, so the sample mean is going to be 184 over 8, which is equal to, let's see here, 184 over 8 is 23.
00:43
So we have a sample mean value of 23.
00:45
The sample variance we find by taking the square root of the sum from i equals 1 to n of each individual x value minus the sample mean squared divided by the sample size minus 1.
01:05
So what i'll do is i'll first subtract the mean from each value in x.
01:10
So these are the individual xi minus x bar squared or xi minus x bar values...