Question

In: Statistics and Probability

Estimating, with 98% confidence level, the mean price of regular gas in your area on a...

Estimating, with 98% confidence level, the mean price of regular gas in your area on a given day. You should collect ten prices and use that sample to provide the 98% confidence interval for the mean price of regular gas for all stations in your area.

Gas prices:

  1. $2.90

  2. $2.88

  3. $2.76

  4. $2.74

  5. $2.82

  6. $3.00

  7. $2.79

  8. $3.10

  9. $2.89

  10. $3.10

Solutions

Expert Solution

We have for given data,      
          
Sample mean =$2.898  
Sample standard deviation =$0.1309
Sample size =10  
Level of significance=   1-0.98=0.02  
Degree of freedom =9  
          
t critical value is (by using t table)=   2.8214  
          
Confidence interval formula is   

=(2.78,3.01)      
          
          
          
Lower confidence limit=   $2.78
          
Upper confidence limit=   $3.01  

orchestra answered 2 years ago
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