Jack and Jill want to estimate the mean price for a gallon of regular gasoline i

Question

Jack and Jill want to estimate the mean price for a gallon of regular gasoline in the metro Atlanta Area. They determine an appropriate sample and start collecting data. By noon they have a random sample of 50 gas stations. At this point JAck takes a copy of the data they collected and goes home to take a nap. Jill, being much more industrious, keeps the data on the first 50 gas stations and collects data on an additional 50 randomnly selected gas stations. Jack and Jill each calclate the sample mean from the data they have.

a) Is Jack's estime unbiased? Why or why not? What about Jill's?

b) Whose estimate is better, or are they equally good, and why?

Explanation / Answer

A) YES IT IS UNBIASED BECAUSE AT FIRST THEY BOTH COLLECTED DATA FOR THE 50 AND THERE WAS NO BIASNESS IN THE COLLECTION OF THE DATA

JILL WAS ALSO NOT BIASED AS HE JUST UTILISED THE TIME MORE JUDIOUSLY .

B) AS JILL HAS DATA FOR AROUND 100 GAS STATION WHICH WILL GIVE US THE WIDER PICTURE COMPARTIVELY TO THE JACK WHO HAS ONLY 50 DATA. DUE TO HAVING MORE PRECISE DATA, JILL SAMPLE WILL BE MORE GOOD.

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