the mean monthly food budget for 39 residents of the local apartment complex is $419. what is the best point…

the mean monthly food budget for 39 residents of the local apartment complex is $419. what is the best point estimate for the mean monthly food budget for all residents of the local apartment complex?

the mean monthly food budget for 39 residents of the local apartment complex is $419. what is the best point estimate for the mean monthly food budget for all residents of the local apartment complex?

Answer

Explanation:

Step1: Recall Point Estimate Concept

In statistics, the best point estimate for the population mean (here, mean monthly food budget for all residents) is the sample mean.

Step2: Apply to the Problem

The sample mean of the monthly food budget for 39 residents is $419. So this sample mean is the best point estimate for the population mean (all residents' mean monthly food budget).

Answer:

$419