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# Sample Size Statistic

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HI,

I am having difficulty understanding statistics. I had just completed a paper in which I made a statistical comparison using gas prices in 1975 and 2006. The gas prices were in today's dollars. I need to do a small sample size statistic with the same info and I'm lost. Could you walk me through this with the 5 step hypothesis and a description of the results?

Thank you

Response:
This is the chart I used

Historical Gas Prices
Year Price Per Gallon
1950 \$1.91
1955 \$1.85
1960 \$1.79
1965 \$1.68
1970 \$1.59
1975 \$1.80
1980 \$2.59

1985 \$1.90
1990 \$1.51
1995 \$1.28
2001 \$1.66
2002 \$1.31
2003 \$1.52
2004 \$1.79
2005 \$2.28
2006 (so far) \$2.68

Thank You

https://brainmass.com/statistics/hypothesis-testing/sample-size-statistic-81289

#### Solution Preview

Testing the coefficient of correlation: When there is no linear relationship between two variables,  = 0.

Hypotheses: H0:  = 0 vs. HA:  ¹ 0
Test statistic:

The statistic is Student t-distributed with ...

#### Solution Summary

This Solution contains calculations to aid you in understanding the Solution to this question.

\$2.19