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Quantitative Research Methods: Estimating Population Mean

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.

Solution Preview

See the attached file. The charts and tables here may not print properly due to formatting issues. Thanks

"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. ...

Solution Summary

This solution works through both of these statistical problems, providing all the steps which are required to reach the final answer. An Excel attachment also accompanies the solution and by clicking directly onto the cells, it shows how the computations have been derived.

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