The American Automobile Association (AAA) reported that the national average price of regular gasoline on May 17,

Question:

The American Automobile Association (AAA) reported that the national average price of regular gasoline on May 17, 2018 was $2.90 per gallon. The following data show the price per gallon of regular gasoline for 15 randomly selected stations in your area. These data can also be found in the Excel file titled gas prices.xlsx.

$2.98 $2.84 $2.99 $2.90 $2.96
$2.98 $2.76 $2.96 $2.86 $2.89
$2.83 $2.71 $2.89 $2.99 $2.83

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

b. Do the results from this sample validate AAA’s findings?

c. What assumptions need to be made about this population?

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

Step by Step Answer:

Related Book For  answer-question

Business Statistics

ISBN: 9780134685267

3rd Edition

Authors: Robert A. Donnelly

Question Posted: