The owner of Britten's Egg Farm wants to estimate the mean number of eggs laid per chicken. A sample of 36 chickens shows laid an average of 28 eggs per month with a standard deviation of 15 eggs per month. a-1. What is the value of the population mean? (Click to select) v a-2. What is the best estimate of this value? b-1. Explain why we need to use the t distribution. (Click to select) b-2. What assumption do you need to make? (Click to select) c. For a 80% confidence interval, what is the value of ? (Round the final answer to 3 decimal places.) The value of tis

The owner of Britten's Egg Farm wants to estimate the mean number of eggs laid per chicken. A sample of 36 chickens shows laid an average of 28 eggs per month with a standard deviation of 15 eggs per month. a-1. What is the value of the population mean? (Click to select) v a-2. What is the best estimate of this value? b-1. Explain why we need to use the t distribution. (Click to select) b-2. What assumption do you need to make? (Click to select) c. For a 80% confidence interval, what is the value of ? (Round the final answer to 3 decimal places.) The value of tis

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The owner of Britten's Egg Farm wants to estimate the mean number of eggs laid per chicken. A sample of 36 chickens shows the
laid an average of 28 eggs per month with a standard deviation of 15 eggs per month.
a-1. What is the value of the population mean?
(Click to select)
a-2. What is the best estimate of this value?
b-1. Explain why we need to use the t distribution.
(Click to select)
b-2. What assumption do you need to make?
(Click to select)
c. For a 80% confidence interval, what is the value of ? (Round the final answer to 3 decimal places.)
The value oftis
d. Develop the 80% confidence interval for the population mean. (Round the final answers to 2 decimal places.)
The 80% confidence interval for the population mean is
to
e. Would it be reasonable to conclude that the population mean is 32 eggs?
(Click to select)
What about 36 eggs?
(Click to select)

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（D）Detailed calculation steps