Business Statistics
posted by Jan on .
The U.S. Dairy Industry wants to estimate the mean yearly milk
consumption. A sample of 16 people reveals the mean yearly consumption
to be 60 gallons with a standard deviation of 20 gallons.
a. What is the value of the population mean? What is the best
estimate of this value?
b. Explain why we need to use thetdistribution. What assumption do
you need to make?
c. For a 90 percent confidence interval, what is the value oft?
d. Develop the 90 percent confidence interval for the population
mean.
e. Would it be reasonable to conclude that the population mean is 63
gallons?

a. Best estimate of the population value = sample mean.
be. http://www.google.com/search?client=safari&rls=en&q=t+test+statistics&ie=UTF8&oe=UTF8 
a sample of 16 people reveals the mean consumption to be 60 gallons with the standard of deviation of 20 gallons

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