Using the sample mean to estimate the population mean may seem obvious, but a good estimator for a population parameter must have certain characteristics to be dependable. In this video I discuss the qualities of a good estimator: unbiasedness, consistency, and relative efficiency.
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A point estimator is defined as:
The problem with relying on a point estimate of a population parameter is that:
What does it mean for a point estimator to be unbiased?
What does it mean for a point estimate to be consistent?
What is relative efficiency in the context of point estimation?