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[3](10) The average retail price for bananas in 1994 was 46.0 cents per pound, as reported by the U.S. Department of Agriculture in Food Cost

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[3](10) The average retail price for bananas in 1994 was 46.0 cents per pound, as reported by the U.S. Department of Agriculture in Food Cost Review. Assume that the retail price for bananas is approximately normally distributed. A random sample of 16 markets taken early in 1995 gave the following prices for bananas in cents per pound. 51 48 50 48 : 45 52 53 49 43 42 45 52 52 46 50 49 We wish to estimate the mean retail price of bananas per pound () in 1995 using a 95% confidence interval estimate. a) What distribution should you apply to the data in order to construct a confidence interval for ? Explain. b) What is the critical value for a)? c) Construct a 95% confidence interval for u d) Using your work above, can we conclude that the mean retail price for bananas early in 1995 was different from the 1994 mean of 46.0 cents per pound? [4](6) Using the data set given in [3], construct a 95% confidence interval estimate of the standard deviation of the mean retail price for bananas per pound early in 1995

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