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The manager of Sweet Sensations Bakery wants to know the average daily profit for the business. The manager randomly selects the profit from 36 days out of the 365 days in a year.

Daily Profit ($)

1,056

1,372

959

1,214

1,581

1,199

984

1,245

1,068

1,273

1,316

1,058

1,137

1,451

1,239

1,055

930

1,121

1,469

1,385

1,361

1,276

1,467

1,220

1,093

982

1,256

1,137

1,289

1,345

1,226

1,104

1,354

963

1,281

1,455



Estimate the population mean.

1 answer

To estimate the population mean based on the provided sample of daily profits from Sweet Sensations Bakery, you can calculate the sample mean. The sample mean is calculated by dividing the sum of all observed profits by the number of observations (in this case, the number of days in the sample).

Here are the daily profits you provided:

  1. 1,056
  2. 1,372
  3. 959
  4. 1,214
  5. 1,581
  6. 1,199
  7. 984
  8. 1,245
  9. 1,068
  10. 1,273
  11. 1,316
  12. 1,058
  13. 1,137
  14. 1,451
  15. 1,239
  16. 1,055
  17. 930
  18. 1,121
  19. 1,469
  20. 1,385
  21. 1,361
  22. 1,276
  23. 1,467
  24. 1,220
  25. 1,093
  26. 982
  27. 1,256
  28. 1,137
  29. 1,289
  30. 1,345
  31. 1,226
  32. 1,104
  33. 1,354
  34. 963
  35. 1,281
  36. 1,455

Now let's calculate the sum of these values and then divide by the number of days (36).

  1. Calculate the sum of the profits:

\[ 1,056 + 1,372 + 959 + 1,214 + 1,581 + 1,199 + 984 + 1,245 + 1,068 + 1,273 + 1,316 + 1,058 + 1,137 + 1,451 + 1,239 + 1,055 + 930 + 1,121 + 1,469 + 1,385 + 1,361 + 1,276 + 1,467 + 1,220 + 1,093 + 982 + 1,256 + 1,137 + 1,289 + 1,345 + 1,226 + 1,104 + 1,354 + 963 + 1,281 + 1,455 = 43,847 \]

  1. Divide the sum by the number of observations (36):

\[ \text{Sample Mean} = \frac{43,847}{36} \approx 1,220.19 \]

Therefore, the estimated average daily profit for Sweet Sensations Bakery is approximately $1,220.19.