(Q24-Q25) Suppose the mean selling price of a gallon of gasoline in Sacramento i

Question

(Q24-Q25) Suppose the mean selling price of a gallon of gasoline in Sacramento is $3.70. Further, assume the population distribution is highly positively skewed, with a population standard deviation of $0.60. A sample of 36 gasoline stations is chosen.

Then, most (99.7%) of sample means should range between _______and____values. Show your solution

A.) $3.20 and $4.20

B.) $3.40 and $4.00

C.) $3.50 and $3.90

D.) $3.60 and $3.80

E.) $3.00 and $4.40

Q25: What is the probability of finding the sample mean within $.20 of the population mean? Show your solution.

A.) 50%

B.)68%

C.) 86%

D.) 95%

E.) 99.7%

Explanation / Answer

Standard error of the mean = SEM = S/N = 0.1

t(, N-1) = 3.19

Confidence interval = m +/- (t(, N-1)*SEM)

B) $3.4 to $4

What is the probability of finding the sample mean within $.20 of the population mean? Show your solution.

D.) 95%

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