Question: Solve the following problems. Write your answer on your answer sheet. 1. You want to estimate the mean gasoline price within your town to the

Solve the following problems. Write your answer on your answer sheet. 1. You want to estimate the mean gasoline price within your town to the margin of error of 5 centavos. Local newspaper reports the standard deviation for gas price in the area is 25 centavos. What sample size is needed to estimate the mean gas prices at 95% confidence level? 2. Carlos wants to replicate a study where the highest lowest observed value is 13.8 while the lowest is 13.4. He wants to estimate the population mean p to the margin of error of 0.025 of its true value. Using 99% confidence level, find the sample size n that he needs
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
