Thursday
April 24, 2014

Homework Help: Business Statistics

Posted by Jan on Sunday, July 28, 2013 at 12:47pm.

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?

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