Q-13. A sample of 5 months of sales data provided the following information:
Month: 1 2 3 4 5
Units Sold: 94 100 85 94 92
a. Develop a point estimate of the population mean number of units sold per month.
b. Develop a point estimate of the population standard deviation.
Soln:
a)
Calculation of and for the given data:
x
94
1
100
49
85
64
94
1
92
1
Total:465
116
