The average price of a gallon of unleaded regular gasoline was reported to be $2.34 in northern
Question:
a. What is the probability that the mean price for a sample of 30 service stations is within $.03 of the population mean?
b. What is the probability that the mean price for a sample of 50 service stations is within $.03 of the population mean?
c. What is the probability that the mean price for a sample of 100 service stations is within $.03 of the population mean?
d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to have at least a .95 probability that the sample mean is within $.03 of the population mean?
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Related Book For
Statistics For Business And Economics
ISBN: 9780538481649
11th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
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