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Question description

Suppose that we want to estimate the population average price (greek letter u) for the grapes per pound. Assume that the price per pound follows the normal distribution. 

A) If for a random sample of grape prices obtained from 20 different stores, the sample average price X-bar= $1.33, construct 95% confidence interval for (greek letter u).

B) If the average price obtained from 50 different stores is X-bar=$1.48, with the standard deviation s=$0.25 than construct a 99% confidence interval for (greek letter u)

C) State the assumptions that you are making in order to construct the confidence intervals in parts (A) and (B).

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