I have a set of data containing the price of stores where
y = 100.4,560.2,432.1,600.2,231.5,706.6
and I want to calculate the estimate of the average price of stores which is based on the data given above but I'm not quite sure of the term estimate, hence i attempted
e = 100.4 + 560.2 + 432.1 + 600.2 + 231.5 + 706.6 /6
= 438.5
Would calculating the mean of the data set justify the term of estimate?