Explore BrainMass

Probability of gas prices

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

The average price of a gallon of unleaded regular gasoline was reported to be \$3.13 in Illinois (http://www.cincygasprices.com).

Use this price as the population mean, and assume the population standard deviation is \$.20.

A) What is the probability that the mean price for a sample of 30 service stations is within \$.03 of the population mean?
B) What is the probability that the mean price for a sample of 50 service stations is within \$.03 of the population mean?
C) What is the probability that the mean price for a sample of 100 service stations is within \$.03 of the population mean?
D) Which, if any, of the sample sizes in parts (A), (B), and (C) would your recommend to have at least a .95 probability that the sample mean is within \$.03 of the population mean?

© BrainMass Inc. brainmass.com June 4, 2020, 1:43 am ad1c9bdddf
https://brainmass.com/statistics/probability/416190
\$2.19