An automobile club reported that the average price of regular gasoline in a certain state was...

An automobile club reported that the average price of regular gasoline in a certain state was

$2.61 per gallon. The following data show the price per gallon of regular gasoline for 15

randomly selected stations in the state. Complete parts a through c below.

2.69 2.52 2.58 2.72 2.69

2.58 2.54 2.62 2.51 2.75

2.51 2.74 2.63 2.73 2.56

A) Construct a 90% confidence interval to estimate the average price per gallon of gasoline in the state.

The 90% confidence interval to estimate the average price per gallon of gasoline in the state is from $__ to $____

Solutions

Expert Solution

The 90% confidence interval to estimate the average price per gallon of gasoline in the state is from $2.5846 to $2.6653

Complete solution is given in attached images:

Thank You.

orchestra answered 1 year ago

Next > < Previous

Related Solutions

An automobile club reported that the average price of regular gasoline in a certain state was...

An automobile club reported that the average price of regular gasoline in a certain state was $2.83 per gallon. The following data show the price per gallon of regular gasoline for 15 randomly selected stations in the state. Complete parts a through c below 2.65 2.78 2.91 2.84 2.88 2.95 2.78 2.69 2.71 2.99 2.81 2.67 2.85 2.93 2.79 a. Construct an 80% confidence interval to estimate the average price per gallon of gasoline in the state. Answer: The 80%...

The average price of a gallon of unleaded regular gasoline was reported to be $3.44 in...

The average price of a gallon of unleaded regular gasoline was reported to be $3.44 in northern Kentucky. Use this price as the population mean, and assume the population standard deviation is $0.30. What is the probability that the mean price for a sample of 50 service stations is within ±$.06 of the population mean? What is the probability that the mean price for a sample of 100 service stations is within ±$.06 of the population mean? The Wall Street...

1. The average price of a gallon of gasoline (regular unleaded) in 1976 was $0.64. In...

1. The average price of a gallon of gasoline (regular unleaded) in 1976 was $0.64. In 1998 it was $1.06. The CPI factor in 1976 is 56.9 and the CPI factor in 1998 is 163.0. Convert the 1976 price to constant 1998 dollars. Was gas more expensive in 1976 or in 1998? Choose two correct answers. Question 3 options: Gas was more expensive in 1998. Gas was more expensive in 1976. The 1976 price in 1998 constant dollars is $1.83. The...

Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline...

Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline is $3.76. You believe that the figure is higher in your area of the country. You decide to test this claim for your part of the United States by randomly calling gasoline stations. Your random survey of 25 stations produces the following prices. $3.87 $3.89 $3.76 $3.80 $3.97 3.80 3.83 3.79 3.80 3.84 3.76 3.67 3.87 3.69 3.95 3.75 3.83 3.74 3.65 3.95 3.81...

Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline...

At one point the average price of regular unleaded gasoline was $3.543.54 per gallon. Assume that...

At one point the average price of regular unleaded gasoline was $3.543.54 per gallon. Assume that the standard deviation price per gallon is $0.080.08 per gallon and use Chebyshev's inequality to answer the following. (a) What percentage of gasoline stations had prices within 33 standard deviations of the mean? (b) What percentage of gasoline stations had prices within 2.52.5 standard deviations of the mean? What are the gasoline prices that are within 2.52.5 standard deviations of the mean? (c) What...

At one point the average price of regular unleaded gasoline was $3.53 per gallon. Assume that...

At one point the average price of regular unleaded gasoline was $3.53 per gallon. Assume that the standard deviation price per gallon is $0.07 per gallon and use Chebyshev's inequality to answer the following. (a) What percentage of gasoline stations had prices within 3 standard deviations of the mean? (b) What percentage of gasoline stations had prices within 2.5 standard deviations of the mean? What are the gasoline prices that are within 2.5 standard deviations of the mean? (c) What...

The Energy information Administration reported that the mean retail price per gallon of regular grade gasoline...

The Energy information Administration reported that the mean retail price per gallon of regular grade gasoline was $3.43 (Energy Information Administration, July 2012). Suppose that the standard deviation was $0.10 and that the retail price per gallon has a bell-shaped distribution. What percentage of regular grade gasoline sold between $3.33 and $3.53 per gallon? What percentage of regular grade gasoline sold between $3.33 and $3.63 per gallon? c. What percentage of regular grade gasoline sold for more than $3.63 per...

1). During January of 2007, the average price of regular unleaded gasoline in Oakland, California increased...

1). During January of 2007, the average price of regular unleaded gasoline in Oakland, California increased 11.0 percent. If the price elasticity of demand for gasoline was 0.13, the price hike means that the quantity demanded decreased by. 6.46 percent 8.46 percent 1.43 percent 4.31 percent 0.16 percent 2). If a 4 percent change in the price of a good leads to a 3 percent change in quantity demanded, the price elasticity of demand equals 1.33. 4.00. 0.75. 3.44. None...

(7)The average price of regular unleaded gasoline in Arlington County should be about $1.10. This statement...

(7)The average price of regular unleaded gasoline in Arlington County should be about $1.10. This statement is an example of: (a)A normative statement (b)A positive statement (c)A statement of the fallacy of composition (d)A deductive statement (8)If there is an inverse relationship between inflation and unemployment in the economy of a city, it would be correct to conclude that: (a)There is a positive relationship between inflation and unemployment in the city’s economy (b)There is a horizontal relationship between inflation and...

Subjects