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 $2.98 and $3.02?
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 $3.08?
Solution Summary
This solution is comprised of detailed explanation and step-by-step calculation of the given problem and provides students with a clear perspective of the underlying concepts.
Probability based on binomial probability. Binomial Distribution. ... 4. Based on your sample, find the probability of exactly 7 out of 22 answering "yes". ...
... b)using the table calculate the conditional probability of C given each of the age groups, or p(c/d), P(c/e), etc compare these probabilities and speculate as ...
... The required probability is the sum of all these probabilities - which forms a geometric progression with first term equal to (please see the attached file ...
... a. How should the firm interpret the soil test? b. What are the revised probabilities, & what is the new probability of finding oil? Thanks again. ...
... With every draw, denominator and numerator value will reduce by 1. And total probability would be the multiplication of all 14 draw's probabilities. ...
... growth is 0.30, the the probability of low economic growth a. Assuming the US dollar has been ap period, and assuming that the economi probabilities that the ...
