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Problem: What price do farmers get for their strawberries from? random sample of 40 farming regions gave a sample mean of x= $6.88 per 100 pints of strawberries. Assume that σ is known to be $1.96 per 100 pints of strawberries.
Required:
1. Find a 90% confidence interval for the mean price (per 100 pints) that farmers in this region get for their strawberries (in dollars). What is the margin of error (in dollars)?
lower limit, upper limit and margin of error in dollars?
2. Find the sample size necessary for a 90% confidence level with maximal error of estimate E = 0.42 for the mean price per 100 pints of strawberries. how many regions?
3. A farm can bring 15 tons or 200 pounds per pints of strawberries to market(1 ton is 2000 pounds). Find a 90% confidence interval for the population mean cash value of this crop. Also what is the margin of error?
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