What Is a Point Estimate of the Mean

question 3

Multiple Choice

What is a point estimate of the mean?

• A) A single value as an estimate of a population mean based on a sample
• B) An interval estimate of the mean
• C) An interval estimate based on 68% confidence interval for a mean
• D) An interval estimate based on 99% confidence interval for a mean

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Definitions:

Quantification

The process of measuring, calculating, or assigning a numerical value to something.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

Revenue Management

A strategy to maximize income by managing the sale of inventory through pricing and timing, commonly used in sectors like hospitality and airlines.

Differential Pricing

A pricing strategy where a company charges different prices for the same product or service to different customers or in different markets, based on factors like demand, cost, and customer value perception.