Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What price do farmers get for their watermelon crops? In the third week of July, a random sample of 42 farming regions gave a sample

What price do farmers get for their watermelon crops? In the third week of July, a random sample of 42 farming regions gave a sample mean of = $6.88 per 100 pounds of watermelon. Assume that is known to be $1.92 per 100 pounds.

(a)

Find a 90% confidence interval for the population mean price (per 100 pounds) that farmers in this region get for their watermelon crop (in dollars). What is the margin of error (in dollars)? (For each answer, enter a number. Round your answers to two decimal places.)

lower limit $ ____

upper limit $ ____

margin of error$ ____

(b)

Find the sample size necessary for a 90% confidence level with maximal error of estimate E = 0.43 for the mean price per 100 pounds of watermelon. (Enter a number. Round up to the nearest whole number.)

______farming regions

(c)

A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop (in dollars). What is the margin of error (in dollars)? Hint: 1 ton is 2000 pounds. (For each answer, enter a number. Round your answers to two decimal places.)

lower limit $ ____

upper limit$ ____

margin of error$ ____

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quantitative Analysis For Management

Authors: Barry Render, Ralph M. Stair, Michael E. Hanna

11th Edition

9780132997621, 132149117, 132997622, 978-0132149112

Students also viewed these Mathematics questions