I have a sample of 20 random numbers, represented by$\displaystyle Y_i$, ranging from 1 to 100,
Why is $\displaystyle \bar{Y}=\sum{Y_i \over n} $ considered the best point estimate of $\displaystyle Y_i$?
I have a sample of 20 random numbers, represented by$\displaystyle Y_i$, ranging from 1 to 100,
Why is $\displaystyle \bar{Y}=\sum{Y_i \over n} $ considered the best point estimate of $\displaystyle Y_i$?