Discussion;
Q: A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds." Of course, he realizes that the weights cannot be precisely 3 pounds. A sample of 36 packages reveals the mean weight to be 3.01 pounds, with a standard deviation of 0.03 pounds.
a. What is the estimated population mean?
b. Determine a 95 percent confidence interval for the population mean.
A study of 25 graduates of four-year colleges by the American Banker's Association revealed the mean amount owed by a student in student loans was $14,381. The standard deviation of the sample was $1892. Construct a 90 percent confidence interval for the population mean. Is it reasonable to conclude that the mean of the population is actually $15,000? Tell why or why not.