Confidence interval for the average price


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Q: The Minneapolis Star Tribune newspaper has decided to write an article about gasoline prices in the Twin Cities area (Minneapolis and St. Paul). The paper has designed a survey and taken a simple random sample of regular, unleaded gas prices at 35 area stations. The results are in the Area Gas Prices -Use this data to develop a 95% confidence interval for the average price of regular, unleaded gasoline in the area.

Area Gas Prices - Random Sample
Station Minneapolis Price of Regular Unleaded Station St. Paul Price of Regular Unleaded
1 $3.24 36 $3.05
2 $3.03 37 $2.89
3 $3.63 38 $3.84
4 $3.58 39 $3.50
5 $2.94 40 $2.78
6 $3.68 41 $3.51
7 $3.14 42 $3.33
8 $3.36 43 $3.31
9 $3.40 44 $3.20
10 $3.20 45 $3.15
11 $2.85 46 $2.75
12 $3.80 47 $3.79
13 $3.31 48 $3.10
14 $3.78 49 $3.92
15 $3.43 50 $3.31
16 $3.27 51 $3.45
17 $3.18 52 $3.17
18 $3.48 53 $3.44
19 $3.00 54 $2.93
20 $3.36 55 $3.21
21 $3.52 56 $3.37
22 $3.26 57 $3.08
23 $3.04 58 $3.04
24 $3.17 59 $3.24
25 $3.26 60 $3.17
26 $3.27 61 $3.36
27 $3.30 62 $3.25
28 $3.51 63 $3.62
29 $3.80 64 $3.88
30 $3.05 65 $3.02
31 $3.56 66 $3.68
32 $3.53 67 $3.29
33 $2.96 68 $2.81
34 $3.57 69 $3.43
35 $3.58 70 $3.44

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Basic Statistics: Confidence interval for the average price
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