The owners of a manufacturing company conducted a survey to determine the mean income of the customers who prefer the company’s brand of clothing. From a random sample of 100 customers, it was determined that their mean income was $47,600. Which conclusion can be made based on this information?   Select one: 1. The total population mean cannot be determined by such a small random sample. 2. The total population mean must be close to $47,600 based on statistical inference. 3. The total population mean must be much greater than $47,600 because there are more people in the total population. 4. The total population mean must be much less than $47,600 because, out of a sample of 100, a few people with a very high mean income would skew the data.

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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.