Answered: What price do farmers get for their…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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(a)

Find a 90% confidence interval for the population mean price (per 100 pounds) that farmers in this region get for their watermelon crop (in dollars). What is the margin of error (in dollars)? (For each answer, enter a number. Round your answers to two decimal places.)
lower limit     $
upper limit     $
margin of error     $

(b)

Find the sample size necessary for a 90% confidence level with maximal error of estimate E = 0.31 for the mean price per 100 pounds of watermelon. (Enter a number. Round up to the nearest whole number.)
farming regions

(c)

A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop (in dollars). What is the margin of error (in dollars)? Hint: 1 ton is 2000 pounds. (For each answer, enter a number. Round your answers to two decimal places.)
lower limit     $
upper limit     $
margin of error

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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