For eBay auctions of the iPad2 64GB 3G Wi-Fi units, a sample was taken in July 2011 where the
Buy-it-Now prices were (in dollars):
1388, 1199, 1100, 1099, 1088, 1049, 1026, 999, 998, 978, 949, 930
a. Explain what a parameter might represent that you could estimate with these data.
b. Find the point estimate of μ.
c. Find the standard deviation of the data and the standard error of the sample mean. Interpret.
d. Find the 95% confidence interval for μ. Interpret the interval in context.