What is the point estimator of the population mean

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Reference no: EM133533138

Problem: Elements of Statistics- Content Mastery Test

After studying and reviewing the concepts and practices, answer all the questions provided on the concepts of the module:

Question I. A research firmsurveyedy to determine the average amount smokers spend on cigarettes. The company found that the distribution of amounts they spend per week tended to follow a normal distribution, with a standard deviation of $10. A sample of 49 smokers revealed that the mean weekly expenditure was $55. What is the point estimator of the population mean? Explain your answer. At the 95% confidence level, determine the confidence interval of the population mean. Explain its significance.

Question II. A company that provides care for the elderly is contemplating offering childcare services for its employees on an aggregate basis. As part of the project's feasibility study, they wish to calculate the average weekly cost of childcare. A sample of 10 employees using this service reveals the following amounts spent in the past week. 150, 187, 190, 197, 192, 195, 181, 191, 199, 174. Construct the 99% confidence interval of the population mean. Interpret the result

Reference no: EM133533138

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