The U.S. Energy Information Administration (US EIA) reported that the average price for a gallon of...

The U.S. Energy Information Administration (US EIA) reported that the average price for a gallon of regular gasoline is $2.94. The US EIA updates its estimates of average gas prices on a weekly basis. Assume the standard deviation is $0.25 for the price of a gallon of regular gasoline and recommend the appropriate sample size for the US EIA to use if they wish to report each of the following margins of error at 95% confidence. (Round your answers up to the nearest whole number.)

The desired margin of error is $0.10.

(b)

The desired margin of error is $0.06.

(c)

The desired margin of error is $0.04.

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Expert Solution

orchestra answered 1 year ago

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