To find:
The best point estimate for the mean amount of money spent per week on lunch for all teachers, if 42 randomly selected teachers spend a mean of $18 per week on lunch
Answer to Problem 1E
Solution:
Best point estimate for the mean amount of money spent per week on lunch for all 42 teachers is $18.
Explanation of Solution
Given:
Sample mean is 18.
Description:
Given a population with standard deviation
The true population parameters probability lies in this interval range is known as the confidence level
At a certain level of confidence, the interval in which the maximum error can be observed is known as the confidence interval.
The maximum distance from point estimate that the confidence interval covers is margin of error and is given by:
Where,
Given the sample mean
In this question, an unbiased estimator that is the best point estimate of population mean.
Conclusion:
Best point estimate for the mean amount of money spent per week on lunch for all 42 teachers is $18.
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