Reference no: EM132847065

1. We are managing a large soy bean farm. To estimate our revenues for the coming year, we need to estimate our crop yield. Soy bean yields are measured by pods/plant. We are planning for a yield of 40 pods/plant. We take a random sample of 64soy bean plants and get a sample yield of 42.4 pods/plant with a sample standard deviation of 9.6 pods/plant.

a. Use Minitab to find the correct t multiplier, then compute by hand a 90% confidence interval for our population yield based on this sample. Confirm your answer using Minitab's 1-sample t function. (Note that yield in pods/plant gives a mean, thus a t interval is used.)

The t-multiplier is 1.669 and the confidence interval yields (40.4, 44.4)

b. Interpret the interval. Are we 90% confident based on this interval, that we will have a yield of at least 40 pods/plant?

Based on this interval, we are 90% sure that we will have a yield of at least 40 pods/plant.

Based on this interval, we are 90% sure that we will have a yield of at least 40 pods/plant.

c. (A challenge, for 3 points extra credit on Chapter 3.) Suppose that, at current market prices, we will sell our soybeans for $0.28/lb. Suppose that 100 pods produce a pound of soybeans. Based on this and your confidence interval above, give a 90% confidence interval for our sales revenue per plant. What additional information is needed to estimate the total revenue for the upcoming harvest?