Lunch Times, a magazine that specializes in lunch-hour restaurants, reported that only 5 percent of a sample of 1,500 who dined at Wallaby's gave the new restaurant a rave review. If you asked all of the food critics in the country what they thought of this restaurant, what is the best estimate of the percentage that would love it?What would be the percentage of this algebra question?
The best point estimate for the population parameter is the statistic for the sample:
that would be 5%
If you needed a confidence interval, that would be a different story.
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