# Question: A random sample of 10 economists produced the following forecasts

A random sample of 10 economists produced the following forecasts for percentage growth in real gross domestic product in the next year:

2.2 2.8 3.0 2.5 2.4 2.6 2.5 2.4 2.7 2.6

Use unbiased estimation procedures to find point estimates for the following:

a. The population mean

b. The population variance

c. The variance of the sample mean

d. The population proportion of economists predicting growth of at least 2.5% in real gross domestic product

2.2 2.8 3.0 2.5 2.4 2.6 2.5 2.4 2.7 2.6

Use unbiased estimation procedures to find point estimates for the following:

a. The population mean

b. The population variance

c. The variance of the sample mean

d. The population proportion of economists predicting growth of at least 2.5% in real gross domestic product

**View Solution:**## Answer to relevant Questions

Find the margin of error to estimate the population proportion for each of the following. a. n = 350; p` = 0.30; α = 0.01 b. n = 275; p` = 0.45; α = 0.05 c. n = 500; p` = 0.05; α = 0.10 The Mendez Mortgage Company case study was given in Chapter 2. A random sample of n = 350 accounts of the company's total portfolio was selected. Estimate the proportion of all the company's accounts with an original ...It is important for airlines to follow the published scheduled departure times of flights. Suppose that one airline that recently sampled the records of 246 flights originating in Orlando found that 10 flights were delayed ...A manufacturer is concerned about the variability of the levels of impurity contained in consignments of raw material from a supplier. A random sample of 15 consignments showed a standard deviation of 2.36 in the ...An auditor, examining a total of 820 accounts receivable of a corporation, took a random sample of 60 of them. The sample mean was $127.43, and the sample standard deviation was $43.27. a. Using an unbiased estimation ...Post your question