SOLUTION: 1.What price do farmers get for the peach crops? in the third week of June, a random sample of 40 farming regions gave a sample mean of $6.88 per basket. assume that the standard d

Algebra ->  Algebra  -> Probability-and-statistics -> SOLUTION: 1.What price do farmers get for the peach crops? in the third week of June, a random sample of 40 farming regions gave a sample mean of $6.88 per basket. assume that the standard d      Log On

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Question 475850: 1.What price do farmers get for the peach crops? in the third week of June, a random sample of 40 farming regions gave a sample mean of $6.88 per basket. assume that the standard deviation is known to be $1.92 per basket. find a 90% confidence interval for the population mean price per basket that farmers in this region get for their peach crop.
2.Using the the information from #1, calculate the margin of error. Round your answer to 2 decimal places
Answer by stanbon(57361) About Me  (Show Source):
You can put this solution on YOUR website!
1.What price do farmers get for the peach crops?
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in the third week of June, a random sample of 40 farming regions gave a sample mean of $6.88 per basket.
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assume that the standard deviation is known to be $1.92 per basket.
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find a 90% confidence interval for the population mean price per basket that farmers in this region get for their peach crop.
p-hat = 6.88
std = 1.92
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ME = 1.645(1.92/sqrt(40)) = 0.4994
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90%CI: 6.88-0.4994 < u < 6.88+0.4994
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90%CI: 6.3806< u < 7.3794
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2.Using the the information from #1, calculate the margin of error. Round your answer to 2 decimal places
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ME = 0.4994
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Cheers,
Stan H.