Question

The mean monthly car payment for 121 residents of the local apartment complex is $372. What is the best point estimate for the mean monthly car payment for all residents of the local apartment complex

Answer 1

Needed point estimate is $372

Step-by-step explanation:

Given:

Number of houses in resident area = 121

Monthly mean car payment = $372

Find:

Best point estimate for the mean monthly car payment

Step-by-step explanation:

The "best point estimate" for such average monthly automobile payment for all inhabitants of the nearby apartment complex is used as the "sample mean." In this example, a $372 sample was obtained on 121 residents.

As a result, the needed point estimate is $372.