Submitted by quesoblanca on January 7, 2008

• Category: Business
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Problem Set 2

a. Lind Chapter 9: Exercises 12, 28

12. The American Sugar Producers Association wants to estimate the mean yearly sugar consumption. A sample of 16 people reveals the mean yearly consumption to be 60 pounds with a standard deviation of 20 pounds.

a. What is the value of the population mean? What is the best estimate of this value?

The value of the population mean is unknown. But we can use the sample mean to estimate it. So, the best estimate of this value is 60 pounds.

b. Explain why we need to use the t distribution. What assumption do you need to make?

Since the standard deviation of the population...

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