Question

What price do farmers get for their watermelon crops? In the third week of July, a...

What price do farmers get for their watermelon crops? In the third week of July, a random sample of 45 farming regions gave a sample mean of x = $6.88 per 100 pounds of watermelon. Assume that σ is known to be $1.96 per 100 pounds.


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

lower limit     $
upper limit     $
margin of error     $

Homework Answers

Answer #1
xbar= 6.880
σ = 1.96
n= 45.000
standard errror of mean = σx=σ/√n= 0.2922
for 90 % CI value of z= 1.645
margin of error E=z*std error                            = 0.48
lower confidence bound=sample mean-margin of error= 6.3994
Upper confidence bound=sample mean +margin of error= 7.3606

c)

since there are 15*20 pouunds, multiplying above with 300 :

lower limit= 1919.82
upper limit= 2208.18
margin of error= 144.18
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