The mean monthly car payment for 121 residents of the local apartment complex is $372. What is the best point estimate for the mean monthly

Question

The mean monthly car payment for 121 residents of the local apartment complex is $372. What is the best point estimate for the mean monthly car payment for all residents of the local apartment complex

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Khoii Minh 2 months 2021-07-23T11:42:27+00:00 1 Answers 2 views 0

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    2021-07-23T11:44:20+00:00

    Answer:

    Needed point estimate is $372

    Step-by-step explanation:

    Given:

    Number of houses in resident area = 121

    Monthly mean car payment = $372

    Find:

    Best point estimate for the mean monthly car payment

    Explanation:

    The “best point estimate” for such average monthly automobile payment for all inhabitants of the nearby apartment complex is used as the “sample mean.” In this example, a $372 sample was obtained on 121 residents.

    As a result, the needed point estimate is $372.

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