Find sample mean and the population mean is less

Assignment Help Basic Statistics

Reference no: EM13140218

he Oil Price Information Center reports the mean price per gallon of regular gasoline is $ 3.79 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.

1. What is the population in this case? what is the sample? what is the sample size?
2. What is the standard error of the mean in this experiment?
3. What is the probability that the sample mean is between $ 3.77 and $ 3.81?
4. What is the probability that the difference between the sample mean and the population mean is less than 0.01?
5. What is the likelihood the sample mean is greater than $ 3.87?

Reference no: EM13140218

Questions Cloud

Berta pty ltd : Chevron began an action to sue Fine Furniture for damages of $700,000, being compensation for the increased cost of having to buy its furniture elsewhere. The action by Chevron was discontinued when Fine Furniture paid to Chevron $400,000 to settle t..

Regain a level of curiosity about history : What techniques could you use regain a level of curiosity about history or other subjects you learned about previously in schoo?

Explain the basic characteristics of bonds : Although all bonds have some common characteristics, they do not always have the same contractual features. For example, most corporate bonds have provisions for early repayment (call features), but these provisions can be quite different for diff..

What are the tr and mr for each acre : The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800, and so on. How much revenue will each acre generate? what are the TR and MR for each acre?

Find sample mean and the population mean is less : What is the probability that the difference between the sample mean and the population mean is less than 0.01? 5. What is the likelihood the sample mean is greater than $ 3.87?

Calculate the solubility of baso4 in water : Calculate the solubility of BaSO4 in (1) pure water, (2) 0.0125 M BaCl2, and (3) 0.0125 M KCl. What effect do BaCl2 and KCL have on the solubility of BaSO4?

Business problem : Your task is to identify a business problem which can be solved by one of the following techniques: Decision theory, regression, forecasting, inventory and linear programming.

Fundamental factors affecting the cost of money : which is the rate users pay to providers. For debt, we call this price the interest rate. For equity, we call this price the cost of equity. Discuss the four most fundamental factors affecting the cost of money.

Three approaches to refining solutions to problems : identify three approaches to refining solutions to problems

User Account

All Pages