Question

The best point estimate of the population mean \mu
is a

Answer 1

The best point estimate of the population mean \(\mu\) is the sample mean \(\bar{x}\). The sample mean is calculated by summing all the observations in a sample and then dividing by the number of observations in that sample. It is considered the best point estimate under the assumption that the sample is randomly selected and the data is normally distributed, as it minimizes the mean squared error in estimating the population mean.