Standard deviation of gasoline price


According to a current news report, the average price of gasoline is $3.80 per gallon (March 2011). This price can be considered as the nationwide population mean price per gallon. Assume that the standard deviation of gasoline price per gallon is $0.50. A sample of 49 gas stations in Salt Lake City is taken. The probability that sample mean price is in ±0.10 of population mean is

(a) 0.9236

(b) 0.8384

(c) 0.9544

(d) 0.9983

(e) 0.8764

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Basic Statistics: Standard deviation of gasoline price
Reference No:- TGS0856283

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