Question

In: Statistics and Probability

The average price for a gallon of gas in the United States is $1.80. Assume that...

The average price for a gallon of gas in the United States is $1.80. Assume that the population standard deviation is $0.50. (a) What is the probability that a sample of 100 gas stations will have a mean price per gallon within ±$0.06 of the population mean? (b) What is the probability that a sample of 100 gas stations will have a mean price per gallon of more than $1.77? (c) What is the probability that a sample of 100 gas stations will have a mean price per gallon of less than $1.86?

Solutions

Expert Solution


Related Solutions

The average price for a gallon of gasoline in the United States is 3.75 and in...
The average price for a gallon of gasoline in the United States is 3.75 and in Russia it is 3.37. Assume these averages are the population means in the two countries and that the probability distributions are normally distributed with a standard deviation of .25 in the United States and a standard deviation of .20 in Russia. a. What is the probability that a randomly selected gas station in the United States charges less than ________ per gallon (to 4...
The average price for a gallon of gasoline in the United States is $3.74 and in...
The average price for a gallon of gasoline in the United States is $3.74 and in Russia it is $3.4. Assume these averages are the population means in the two countries and that the probability distributions are normally distributed with a standard deviation of $0.25 in the United States and a standard deviation of $0.20 in Russia. a. What is the probability that a randomly selected gas station in the United States charges less than $3.65 per gallon (to 4...
The United States Department of Agriculture (USDA) claims that the national average price for one gallon...
The United States Department of Agriculture (USDA) claims that the national average price for one gallon of whole milk is $3.49, and that the population standard deviation is $0.64. You believe that the USDA’s claim is not correct, so you select a simple random sample of 35 grocery stores nationwide and record the price of a gallon of whole milk. Your sample mean price for a gallon of whole milk was $3.27. Using a significance level of .05, does it...
A study is conducted to determine the average price of a gallon of gas in Arizona....
A study is conducted to determine the average price of a gallon of gas in Arizona. A sample of 10 stations had a mean of $1.85 and a standard deviation of 0.06. Find a 95% confidence interval for the average price of a gallon of gas in Arizona. (Assume appropriate conditions are satisfied and be sure to round precisely.) Group of answer choices (1.81, 1.89) (175, 1.95) (1.82, 1.88) (1.79, 1.91)
Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of...
Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown below for a random selection of weeks in 2015 . Oil ( $ ) Gasoline ( $ ) 55.78 2.654 41.96 2.269 52.08 2.445 57.28 2.710 58.15 2.805 67.59 3.071 The correlation coefficient for the data is =r0.978 and =α0.01 . Should regression analysis be done? The regression analysis should not be done. The regression analysis should be...
Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of...
Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown below for a random selection of weeks in 2015. Oil ($) Gasoline ($) 55.78 2.654 41.96 2.269 52.08 2.445 57.28 2.710 58.15 2.805 67.59 3.071
Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of...
Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of a barrel of oil are shown below for a random selection of weeks from 2015. Oil $47.79 $44.62 $81.08 $43.67 $40.58 $48.64 Gasoline 2.638 2.636 2.944 2.528 2.623 2.682 1) The correlation coefficient for the data is r = 0.951 and a = 0.01. Should regression analysis be done? a) The regression analysis should not be done or b) The regression analysis should be...
The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34...
The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015). Let’s see whether these changes are reflected in the income statement of Insignia Corporation for the year ended December 31, 2015 (amounts in billions). 2015 2014 Revenues $ 290 $ 305 Cost of Purchased Crude Oil and Products 121 125 Other Operating Costs 61 55 Income before Income Tax Expense 108 125 Income Tax Expense 22 30 Net...
The average price of a gallon of gas in 2013 dropped $0.12 (3 percent) from $3.61...
The average price of a gallon of gas in 2013 dropped $0.12 (3 percent) from $3.61 in 2012 (to $3.49 in 2013). Required: 1. Conduct a horizontal analysis by calculating the year-over-year changes in each line item, expressed in dollars and in percentages for the income statement of Chevron Corporation for the year ended December 31, 2013 (amounts in billions). (Decreases should be indicated by a minus sign. Enter your answers in billions (i.e., 10,000,000,000 should be entered as 10)....
The average age of a vehicle registered in the United States is 96 months. Assume the...
The average age of a vehicle registered in the United States is 96 months. Assume the standard deviation is 16 months. If a random sample of 36 vehicles is selected, find the probability that the mean of their age is between 90 and 100 months. _________Round your answer to 4 decimal places.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT