What is the probability of the mean price for a sample


Complete the below:

Q: The average price of a gallon of unleaded regular gasoline was reported to be $3.13 in Illinois

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?

Solution Preview :

Prepared by a verified Expert
Basic Statistics: What is the probability of the mean price for a sample
Reference No:- TGS01902849

Now Priced at $20 (50% Discount)

Recommended (97%)

Rated (4.9/5)