In: Statistics and Probability
Use these 30 numbers for part one
1.15, 1.15, 1.15, 1.15, 1.16, 1.29, 1.20, 1.26, 1.26, 1.26, 1.28, 1.34, 1.39, 1.39, 1.45, 1.45, 1.49, 1.59, 1.59, 1.39, 1.35, 1.36, 1.38, 1.39, 1.49, 1.45, 1.46, 1.48, 1.48
the mean for part 2 is 1.55
the mean for part 3 is 1.90
Part 1 - Estimate the mean price of regular gasoline in the Dayton area by taking a sample.
Part 2 - Compare your sample estimate to the current mean gas in the State of Ohio.
Part 3 - Compare your sample estimate to the current mean gas in the U.S.
You will need to show all your work, step-by-step, and write a final summary of the results
Note : Allowed to solve only one question per post. Hence
solved Part A in complete detail.
What is the population you will be
studying?
The population is the gas station in Dayton area.
Inorder to make sure that there is no bais introduced in the study. We need to randomly select the gas stations.
Step 1 : Make a list of all the gas station in Dayton
area.
Step 2 : Assign a number from 1 to whatever number of station we
have in the area. Every gas station now is represented by one
number.
Step 3 : Now random select 30 number out the total number of gases
station.
Step 4 : we need to travel or call up the gas station and find the
price of gas in the station.
In this manner we can ensure that the sample is representative of the population.
What is the sample mean?
1.3528
Construct a 95% confidence interval for the population
mean price of gasoline in the Dayton area.
Explain what this confidence interval tells you.
95% confidence interval for the mean is (1.3025, 1.403)
With a 95% confidence we can say that the true population mean of the gasoline price lies with the interval of (1.3025, 1.403)
Detailed working given below
Mean and standard deviation
95% confidence interval.