The Jolliebee hamburger chain specializes in half-pound hamburgers. The sales follow a normal distribution. The standard deviation of the distribution for daily sakes is $3000. A sample of 40 showed the mean daily sale to be $20,000.
What is the best estimate of the population mean?
To find the best estimate of the population mean, we will use the given sample mean. The sample mean is an unbiased estimator of the population mean.
In this case, the sample mean is $20,000. Therefore, the best estimate of the population mean is also $20,000.