The starting salaries of a random sample of three students who graduated from North Carolina State University last year with majors in the mathematical sciences are $45,000, $50,000, and $40,000. Find a point estimate of the population mean of the starting salaries of all math science graduates at that university last year.
A sample of three is too small. Also the distribution is not likely to be normal. With what little data you have, my best guess would be the median of the three scores.
Other versions of this question may have further questions for you to answer, but for the sake of the question, your "point estimate' is $45,000.
45000 + 50000 + 40000 =135000
135000/3 = 45000
To find the point estimate of the population mean of the starting salaries of all math science graduates at North Carolina State University last year, we can calculate the sample mean.
Step 1: Add up all the starting salaries: $45,000 + $50,000 + $40,000 = $135,000
Step 2: Divide the total by the number of observations (sample size): $135,000 / 3 = $45,000
Therefore, the point estimate of the population mean of the starting salaries of all math science graduates at North Carolina State University last year is $45,000.
To find a point estimate of the population mean, you need to calculate the sample mean.
The sample mean is calculated by finding the average of the values in the sample. In this case, the sample consists of three student salaries: $45,000, $50,000, and $40,000.
To calculate the sample mean, add up the salaries and divide by the number of salaries:
Sample mean = (45,000 + 50,000 + 40,000) / 3 = 135,000 / 3 = $45,000.
So, the sample mean, and the point estimate of the population mean, is $45,000.