You are interested in purchasing a really good bull to breed…
You are interested in purchasing a really good bull to breed your cows. You look up the sale prices of a sample of 16 bulls that were sold in last year’s National Western Stock Show sale in Denver. The average sale price was $10,000 with a standard deviation of $1,000. You estimate the population mean for the sale prices of the bulls using a 95% confidence interval. What assumption must be met in order for the confidence interval that you constructed for the population mean for sale price of the bulls to be valid?