A recent study of 50 self-service gasoline stations in the Lubbock area revealed that the mean price

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

Question:

A recent study of 50 self-service gasoline stations in the Lubbock area revealed that the mean price of unleaded gas was $1.22 per gallon and the standard deviation was $0.04 per gallon.

What is the point estimate? Explain what it indicates.

Using the .99 percent degree of confidence, determine the confidence interval for the population mean. Explain what it indicates.

Related Book For answer-question

Business Statistics

ISBN: 978-0321925831

3rd edition

Authors: Norean Sharpe, Richard Veaux, Paul Velleman

See More Books

Posted Date: Jul 23, 2018 12:25 AM

See More Questions

A recent study of 50 self-service gasoline stations in a metropolitan area revealed that the mean price of unleaded gas was $1.30 per litre. The sample standard deviation was $0.07 per litre. a....
In a recent study of a mid career professionals conducted by the Labor Research Council, samples of size 100 were taken from each of three job categories: manufacturing (Group 1), education (Group...
A recent study of 33 Jackson County, Missouri residents revealed that they had lived at their current address for a mean of 10.7 years, with a sample standard deviation of 3 years. What is the...
What do we really learn from studying how managers actually spend their time and their decision-making powers in like-for-like organisations in different countries? What are the messages for key...
Avnet is one of the world's largest value-added distributors of electronic components, enterprise computer and storage products, IT services and embedded subsystems. Avnet creates a vital link in the...
The force acting on a projectile having a mass m as it passes horizontally through the barrel of the cannon is F = C sin (t/t). Determine the projectiles velocity when t = t. If the projectile...
Refer to Exercise 4.2. (a) Determine the cumulative probability distribution $F(x)$. (b) Graph the probability distribution of $f(x)$ as a bar chart and below it graph $F(x)$. Data From...
For each of the following situations, determine the necessary adjustments. 1. A firm purchased a three-year insurance policy for $12,600 on July 1, 2016. The $12,600 was debited to the Prepaid...
Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process...
Ray Flagg took out a 60-month fixed installment loan of $12,000 to open a new pet store. He paid no money down and began making monthly payments of $232. Ray's business does better than expected and...
Is there really a 69% increase in home-based work from 2000 to 2010 using the numbers shown in the infographic on the previous page calculate the percent increase for yourself. Growing quickly in...
Calculate the mean, variance, and skewness coefficient for the data given in Table 4.9. Is the distribution symmetric ? Table 4.9 Year 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 Sum...
The United States brought a lawsuit requesting forfeiture of a $$38.5$ million jet purchased by Teodoro Nguema Obiang Mangue (Nguema) because the government believed the jet had been purchased with...
In 1990 Congress passed the Gun-Free School Zone Act that made it unlawful to possess a firearm in a school zone. A highschool senior carried a concealed and loaded handgun into his high school and...
What are the primary advantages of resolving a case through alternative dispute resolution methods rather than going to trial? In what situations might a trial be preferable?
Update the head coaching situation in the NFL. How has the number of head coaches of color changed since this books printing? Has the NFLs Rooney Rule been changed? Discuss why you believe the...
13. 40 kg of saturated liquid water at 150C is expanded until the pressure is 120 kPa in a process where PVn = constant, with exponent n = 0.2600. [15] (a) Calculate the work (in kJ) for this...
What are the typical record-at-a-time operations for accessing a file? Which of these depend on the current file record?
Define 2 pairs (4 total) of the following. Expound on them and discuss their contribution to criminology. - person of interest and suspect - juvenile justice and criminal justice - plain view...
For the data in Exercise 2, we want to test the null hypothesis that the mean number of page visits is the same for the two websites. Assume that the data come from a population that is normally...
Whether pasteurized or raw, both the European Economic Council (EEC) and the U.S. Food and Drug Administration (USFDA) require that milk sold to consumers contain no more than 10 coliform bacteria...
The American Veterinary Association claims that the annual cost of medical care for dogs averages $100, with a standard deviation of $30, and for cats averages $120, with a standard deviation of $35....
When asked to make a choice, most people prefer $\$ 2400$ with certainty to a lottery in which they may win $\$ 2500$ with probability 0.33 , $\$ 2400$ with probability 0.66 , and nothing with...
Consider the following two choices: 1. You have to choose between losing $\$ 7400$ for sure, and a risky alternative, whereby you lose $\$ 10,000$ with probability 0.75 and nothing with...
You are analyzing three stock shares: Joint, Eppon, and Peculiar Motors. Based on your analysis, the price of a Joint stock share should be the same as the sum of one Eppon share and one Peculiar...

A recent study of 50 self-service gasoline stations in the Lubbock area revealed that the mean price

Question:

Expert Answer:

a What is the point estimate Explain what it indicates Point estimate 122 122 would be ... View the full answer

Business Statistics

Students also viewed these mathematics questions