To estimate the average purchases of shoppers, a small-town grocer recorded the dollar amounts of a...
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To estimate the average purchases of shoppers, a small-town grocer recorded the dollar amounts of a random sample of eight customer receipts. The data were as follows: (46, 22, 50, 61, 22, 4, 80, 56) A. Find the consistent and sufficient estimate of the mean amount purchased in the relevant population of shoppers. Be sure to interpret your estimate in regards to being a consistent and sufficient estimator. B. Under the assumption that the amound purchased has a normal distribution with mean μ and variance o², find the maximum likelihood estimate and the moment estimate of the mean amount purchased. To estimate the average purchases of shoppers, a small-town grocer recorded the dollar amounts of a random sample of eight customer receipts. The data were as follows: (46, 22, 50, 61, 22, 4, 80, 56) A. Find the consistent and sufficient estimate of the mean amount purchased in the relevant population of shoppers. Be sure to interpret your estimate in regards to being a consistent and sufficient estimator. B. Under the assumption that the amound purchased has a normal distribution with mean μ and variance o², find the maximum likelihood estimate and the moment estimate of the mean amount purchased.
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Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
Posted Date:
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