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sions Point Estimators The following functions are the point estimators of the population mean ( and the population variance of respectively: sample mean:- - > >); sample variances = > ( =) illustration 1: A researcher wants to estimate the at rage grade of all Mathematics students in a certain school. He determined the grades of five students as follows: 76, 82, 88, 90, and 96. Estimate the average grade of the students and the variance of their grades. rations Solution: 165 - (76 4 82 + 88 4 90 - 96) = 80.4 The estimate of the population mean is 86.4. To get the estimate of the population variance, 5 = 1 (76 - 80.4) + (82 -86.4) + (88 -86.4) + (90 -86.4) + (96 -86.4) -58.8Your TRY! A researcher looked an an average time (in minutes) it takes a random sample of customers to be served in a restaurant. From 40 customers, the following information was obtained. 8 10 20 14 15 16 12 10 12 20 15 10 10 15 8 15 10 12 18 12 16 10 9 12 15 10 16 15 12 18 8 16 12 13 12 10 8 10 Answer the following questions: 1. What is the average wait time (the mean of the sample)? 2. This value is called the of the population mean /. 3. Based on the observation of the mean, would you patronize the restaurant? Explain your