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Answer:
The point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females is $67.03.
Step-by-step explanation:
In statistic, point estimation comprises of the use of sample data to estimate a distinct data value (known as a point estimate) which is to function as a "best guess" or "best estimate" of an unidentified population parameter.
The point estimate of the population mean (<em>µ</em>) is the sample mean ().
The point estimates are always computed using the sample data.
So for the point estimates to be the best estimate of a parameter the sample taken from the population must large enough, i.e. <em>n</em> ≥ 30.
In this case, the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females is to be determined.
The point estimate for the difference between two population mean is given by the difference between two sample means.
The information provided is:
The sample sizes are large enough.
Compute the point estimate for the difference between two population mean as follows:
Thus, the point estimate of the difference between the population mean expenditure for males and the population mean expenditure for females is $67.03.