(b) A day's sales in $1000 units at a gas station have a gamma distribution with parameters k = 5 and 1 = 0.9. Then DETERMINE (i) The expectation of a day's sales? (ii) The standard deviation of a day's sales? (iii) The upper and lower quartiles of a day's sales? (iv) The probability that a day's sales are more than $6000?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.