Normal Distribution
Not what you're looking for?
The Oil Price Information Center reports the mean price per gallon of regular gasoline is $3.26 with a population standard deviation of $0.18. Assume a random sample of 40 gasoline stations is selected and their mean cost for regular gasoline is computed.
a. What is the standard error of the mean in this experiment?
b. What is the probability that the sample mean is between $3.24 and $3.28?
c. What is the probability that the difference between the sample mean and the population mean is less than 0.01?
d. What is the likelihood the sample mean is greater than $3.34?
Purchase this Solution
Solution Summary
Calculates probabilities for sample means using Normal Distribution.
Solution Preview
Please see attached file:
The Oil Price Information Center reports the mean price per gallon of regular gasoline is $3.26 with a population standard deviation of $0.18. Assume a random sample of 40 gasoline stations is selected and their mean cost for regular gasoline is computed.
a. What is the standard error of the mean in this experiment?
Standard deviation =s= $0.18
sample size=n= 40
sx=standard error of mean=s/square root of n= $0.0285 = ( 0.18 /square root of 40)
Answer: $0.0285
b. What is the probability that the sample mean is between $3.24 and $3.28?
Mean=M = $3.26
Standard deviation =s= $0.18
sample size=n= 40 ...
Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.