Question
In: Statistics and Probability
Suppose the data shown here are the results of a survey to investigate gas prices. Ten...
Suppose the data shown here are the results of a survey to investigate gas prices. Ten service stations were randomly selected in each city and the figures represent the prices of a litre of unleaded regular gas. What can we tell about the relative price of gas in the two cities?
City 1:
| 1.029 |
| 1.02 |
| 1.017 |
| 1.002 |
| 0.996 |
| 1.017 |
| 1.014 |
| 1.014 |
| 1.014 |
| 0.983 |
City 2:
| 0.999 |
| 1.026 |
| 1.017 |
| 1.008 |
| 0.99 |
| 1.038 |
| 1.017 |
| 1.032 |
| 1.011 |
| 1.014 |
Design a test to determine if there is a difference in mean gas prices in the two cities use alpha = .01
Solutions
Expert Solution
By simply looking at the prices nothing can be inferred so we
test for difference of means.
To test for the difference of means we need to first calculate the
sample mean and variance of the two samples provided.
Mean and standard deviation for
city 2:
Therefore the mean prices of gas of the two cities are not
different.
orchestra answered 1 year agoRelated Solutions
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Using the data shown in the table? here,
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?, that contains historical monthly prices and dividends? (paid
at the end of the? month) for Ford Motor Company stock? (Ticker: F)
from August 1994 to August? 1998, compute? the:
a. Average monthly return over this period.
b. Monthly volatility? (or standard? deviation)
over this period.
c.? 95% confidence interval of the estimate of
the average monthly return.
Date Stock Price Dividend Return 1+Rt
Aug-94 $29.250 $0.000
Sep-94 $27.750 $0.000 -5.13%...
Using the data shown in the table here, , that contains historical monthly prices and dividends...
Using the data shown in the table here,
, that contains historical monthly prices and dividends (paid
at the end of the month) for Ford Motor Company stock (Ticker: F)
from August 1994 to August 1998, compute the:
a. Average monthly return over this period.
b. Monthly volatility (or standard deviation) over this
period.
c. 95% confidence interval of the estimate of the average
monthly return.
Here is the data set
Date Stock Price Dividend
Return ( % ) 1+Rt...
Here is the data that Vroom-Vroom used for their budgets: Here are the Actual Results in...
Here is the data that Vroom-Vroom used for their budgets:
Here are the Actual Results in December and January:
Monthly Budget Data:
Actual Data:
December
January
Selling Price per uniit:
$
70.00
each
Production (Units)
375,000
150,000
Raw Materail Cost
$
30.00
each
Revenue
$ 26,300,000
$ 10,300,000
Packaging Costs
$
10.00
each
Raw Materials
$ 11,348,500
$
4,485,000
Electricity
$
3.00
each
Packaging Materials
$
3,720,000
$
1,445,000
Waste and Other Costs
$
5.00
each
Electricity
$
1,125,000
$ ...
Here is the data that Vroom-Vroom used for their budgets: Here are the Actual Results in...
Here is the data that Vroom-Vroom used for their budgets:
Here are the Actual Results in December and January:
Monthly Budget Data:
Actual Data:
December
January
Selling Price per uniit:
$
70.00
each
Production (Units)
375,000
150,000
Raw Materail Cost
$
30.00
each
Revenue
$ 26,300,000
$ 10,300,000
Packaging Costs
$
10.00
each
Raw Materials
$ 11,348,500
$
4,485,000
Electricity
$
3.00
each
Packaging Materials
$
3,720,000
$
1,445,000
Waste and Other Costs
$
5.00
each
Electricity
$
1,125,000
$ ...
Here is the data that Vroom-Vroom used for their budgets: Here are the Actual Results in...
Here is the data that Vroom-Vroom used for their budgets:
Here are the Actual Results in December and January:
Monthly Budget Data:
Actual Data:
December
January
Selling Price per uniit:
$
70.00
each
Production (Units)
375,000
150,000
Raw Materail Cost
$
30.00
each
Revenue
$ 26,300,000
$ 10,300,000
Packaging Costs
$
10.00
each
Raw Materials
$ 11,348,500
$
4,485,000
Electricity
$
3.00
each
Packaging Materials
$
3,720,000
$
1,445,000
Waste and Other Costs
$
5.00
each
Electricity
$
1,125,000
$ ...
The data in the table to the right are based on the results of a survey...
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LOADING...
Click the icon to view the critical values for the correlation
coefficient.
Commute Time (in minutes)
Well-Being Score
Open in StatCrunch
+
Copy to Clipboard
+
Open in Excel
+
44
69.569.5
1616
68.568.5
2525
67.867.8
3434
67.167.1
5151
66.966.9
6868
65.865.8
103103
63.163.1...
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for raising
against raising
no opinion
total
age 21-40
35
20
5
60
age 41-50
30
35
20
85
total
45
55
35
145
i) What is the probavility the respondent is of age 21-40, and
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ii) Given that a respondent is of age 21-40, what is the
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A student is going to take an survey of ten problems. Suppose
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32. Gas Prices for Rental Cars The first column of these data represents the prebuy gas...
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No prebuy cost
$1.55
$3.80
1.54
3.99
1.62
3.99
1.65
...
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