An analyst from an energy research institute in California wishes to precisely estimate the 99% confidence interval

Question:

An analyst from an energy research institute in California wishes to precisely estimate the 99% confidence interval for the average price of unleaded gasoline in the state. In particular, she does not want the sample mean to deviate from the population mean by more than $0.06. What is the minimum number of gas stations that she should include in her sample if she uses the standard deviation estimate of $0.32, as reported in the popular press?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: