Henry See, an owner of a shopping mall in the country wants to determine whether the mean income of families living within 2 miles of a proposed location of a mall exceeds Php 24 400. At the 0.05 level of significance, what can be conclude if the mean income of a random sample of 60 families living within 2 miles of the proposed location of the mall is Php 24 524 and the standard deviation is Php 763.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.