Question

In: Statistics and Probability

A company manager thinks he is overpaying for fertilizer at $174 per ton. To find out,...

A company manager thinks he is overpaying for fertilizer at $174 per ton. To find out, he collects fertilizer prices per ton from five distributors. Construct a 90% confidence interval from his results: 128, 140, 170, 166, and 156.

Solutions

Expert Solution

We have for given data,              
              
  
Sample mean =152      
Sample standard deviation =15.85  
Sample size =5      
Level of significance=1-0.90=0.1      
Degree of freedom =4      
              
t critical value is (by using t table)=   2.132      
              
Confidence interval formula is               


=(136.89,167.11)          
      

orchestra answered 1 year ago
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