1. According to Food Cost Review, published by the U.S. Department of Agri- culture, the average retail price for orange

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1 According To Food Cost Review Published By The U S Department Of Agri Culture The Average Retail Price For Orange 1 (36.5 KiB) Viewed 34 times

1. According to Food Cost Review, published by the U.S. Department of Agri- culture, the average retail price for oranges in 1983 was 38.5 cents per pound. Recently, 15 randomly selected markets reported the following prices for or- anges, in cents per pound. 43.0 40.0 42.6 40.2 37.5 44.1 45.2 41.8 35.6 34.6 37.9 44.2 44.5 38.2 42.4 Assume the current retail price for oranges is normally distributed. (a) Can we conclude that the current mean retail price for oranges is higher than the 1983 mean of 38.5 cents per pound? Use a = 0.05. [20 marks (b) Find a 95% confidence interval for the true current mean retail price for oranges. [20 marks