What price do farmers get for the peach crops? in the third week of June, a random sample of 40 farming regions gave a sample mean of $6.88 per basket. assume that the standard deviation is known to be $1.92 per basket. find a 90% confidence interval for the population mean price per basket that farmers in this region get for their peach crop

Given:

Sample size, n = 40

Sample mean, xb = $6.88

Population std. deviation, σ = $1.92 (known)

Confidence interval = 90%

Assume normal distribution for the population.

The confidence interval is

(xb + 1.645 * (σ/√n), xb - 1.645 * (σ/√n)

= (6.88 + (1.645*1.92) / √40, 6.88 - (1.645*1.92) / √40)

= (7.38, 6.38)

Answer: The 90% confidence interval is (7.38, 6.38)