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Get Full Access to Statistical Techniques In Business And Economics - 15 Edition - Chapter Chapter 8 - Problem 44
Get Full Access to Statistical Techniques In Business And Economics - 15 Edition - Chapter Chapter 8 - Problem 44

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# The Oil Price Information Center of greater Houston reports the mean price per gallon of ISBN: 9780073401805 480

## Solution for problem 44 Chapter Chapter 8

Statistical Techniques in Business and Economics | 15th Edition

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Problem 44

The Oil Price Information Center of greater Houston reports the mean price per gallon of regular gasoline is \$3.00 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?

Step-by-Step Solution:
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Stats 401 Week 2 Relative frequency = How many times appeared in category ÷ Total items in category (like finding percent without multiplying by 100 at the end) For the median, if there is an even amount of number given then add the two middle terms then divide by 2. EX: 1 2 3 4 5 6. The two middle terms are 3 and 4 so 3 + 4 = 7. Then 7/2 = 3.5 (finding the average of those numbers). If there isn’t a mode (1 2 3 4 5 6) then write “NO MODE” not “The mode is zero” because that implies that there is the number 0 and that is what appears the most. Peak of curve is in the middle When the mean = median = mode the distribution is bell shaped or symmetric. Median > mean then it is left skewed Med

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Step 3 of 3

##### ISBN: 9780073401805

Since the solution to 44 from Chapter 8 chapter was answered, more than 254 students have viewed the full step-by-step answer. This textbook survival guide was created for the textbook: Statistical Techniques in Business and Economics, edition: 15. The answer to “The Oil Price Information Center of greater Houston reports the mean price per gallon of regular gasoline is \$3.00 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?” is broken down into a number of easy to follow steps, and 103 words. The full step-by-step solution to problem: 44 from chapter: Chapter 8 was answered by , our top Statistics solution expert on 03/16/18, 04:51PM. This full solution covers the following key subjects: . This expansive textbook survival guide covers 20 chapters, and 1081 solutions. Statistical Techniques in Business and Economics was written by and is associated to the ISBN: 9780073401805.

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