A company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?
A) Time series data
B) Inferential statistics
C) Cross-sectional data
D) Descriptive statistics

Question

Quizplus · Accepted Answer

The company needs time series data, as they want to estimate the mean price of oil over a specific time period (the past 10 years). Time series data is data collected at regular intervals over time and is used to analyze trends and patterns. In this case, the company would need to gather data on oil prices over the past 10 years to estimate the mean price. Inferential statistics, cross-sectional data, and descriptive statistics could also be useful in analyzing the data, but they are not specifically needed to gather the necessary information.

A Company Wants to Estimate the Mean Price of Oil