An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cos
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Answer:
It is a good Estimator of the Population Mean because the distribution of the sample midrange is just same as the distribution of the random variable.
Step-by-step explanation: from the table,
Minimum value = 34
maximum values = 1084
The sample mid-range can be computed as:
(Min.value + max.value)/2
(34 + 1084)/2
Sample mid-range = 55
The sample midrange uses only a small portion of the data, but can be heavily affected by outliers.
It provides information about the skewness and heavy-tailedness of the distribution which is just same as the distribution of the random variable.
The nature of this distribution is not intuitive but the Central Limit in which it will approach a normal distribution for large sample size.
