Question
In: Statistics and Probability
A random sample of the price of gasoline from 30 gas stations in a region gives...
A random sample of the price of gasoline from 30 gas stations in a region gives the statistics below.
y overbary =$3.293.29,
s =$0.24
a) Find a 95% confidence interval for the mean price of regular gasoline in that region.
b) Find the 90% confidence interval for the mean
c) If we had the same statistics from the sample of 80 stations, what would the 95% confidence interval be now?
Solutions
Expert Solution
a) The 95% confidence interval for the mean price of regular gasoline in that region is ,
; 
; From Excel , =TINV(0.05,29)
b) The 90% confidence interval for the mean price of regular gasoline in that region is ,
; 
; From Excel , =TINV(0.10,29)
c) Since , n=80
a) The 95% confidence interval for the mean price of regular gasoline in that region is ,
; 
; From Excel , =TINV(0.05,79)
orchestra answered 2 years agoRelated Solutions
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statistics below. Complete parts a) through c)
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b)
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c)
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2.899
3.089
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3.099
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3.589
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3.189
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3.559
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$
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