Home / Assignment Help / 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

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

Given:
Sample size, n = 40
Sample mean, xb = $6.88
Population std. deviation, σ = $1.92 (known)
Confidence interval = 90%

Assume normal distribution for the population.
The confidence interval is
(xb + 1.645*(σ/√n), xb – 1.645*(σ/√n)
= (6.88 + (1.645*1.92)/√40, 6.88 – (1.645*1.92)/√40)
= (7.38, 6.38)

Answer: The 90% confidence interval is (7.38, 6.38)

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