Finding the best estimate from an average using a confidence limit.
Last year Groton, Georgia had 512 burglaries. The police chief wants to know the average economic loss associated with burglaries in Groton and wants to know it this afternoon. Since there is not time to
analyze all 512 burglaries, the department's research analyst selects 10 burglaries at random, which show the following losses:
$550, $675, $324, $487, $1,246, $874, $595, $835, $910, and $612
What is the best estimate of the average loss on a burglary? Place an 80% confidence limit around this estimate.
The solution addresses the situation that last year Groton, Georgia had 512 burglaries. The police chief wants to know the average economic loss associated with burglaries in Groton and wants to know it this afternoon. Since there is not time to
analyze all 512 burglaries, the department's research analyst selects 10 burglaries at random, which show the following losses:
$550, $675, $324, $487, $1,246, $874, $595, $835, $910, and $612
What is the best estimate of the average loss on a burglary? Place an 80% confidence limit around this estimate.
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