What is the point estimator of the population mean denoted as?

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Master Arizona State University's ECN221 Business Statistics Exam with our resources. Utilize flashcards and multiple-choice questions. Understand every concept with hints and explanations to excel in your exam!

The point estimator of the population mean is denoted by ( \bar{x} ), commonly referred to as "x-bar." This notation represents the sample mean, which is used to estimate the true population mean (denoted by ( \mu )). The sample mean is calculated by summing all the observed values in a sample and dividing by the number of observations. It serves as a best guess or estimate of the population mean based on the sample data collected.

Using ( \bar{x} ) as a point estimator is essential in statistics because it allows statisticians to draw inferences about the population mean from a manageable subset of data. This is particularly important in real-world applications where it may be impractical or impossible to collect data from every individual within a population.

In contrast, ( p̅ ) refers to the sample proportion, ( s ) denotes the sample standard deviation, and ( \mu ) represents the population mean itself. Each of these notations has specific meanings in statistical analysis, but none serve as point estimators for the population mean except for ( \bar{x} ).

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