Answered: ang agency you of unleaded gasoline was…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Data collected by a price reporting agency from more than 90,000 gasoline and convenience stores throughout the U.S. showed that the average price for a gallon of unleaded gasoline was $3.28. The following data show the price per gallon ($) for a sample of 20 gasoline and convenience stores located in San Francisco.

(a) Use the sample data to estimate the mean price in dollars for a gallon of unleaded gasoline in San Francisco

(b) Compute the sample standard deviation in dollars. (Round your answer to the nearest cent.)

Data collected by a price reporting agency from more than 90,000 gasoline and convenience stores throughout the U.S. showed that the average price for a gallon
of unleaded gasoline was $3.28. The following data show the price per gallon ($) for a sample of 20 gasoline and convenience stores located in San Francisco.
3,79 4.79 3.56 3.55 3.91 3.65 3.40
3.55 3.56
3.37 3.59 3.35 3.29 4.35 3.66 2.83 3.53 3.81 3.57
(a) Use the sample data to estimate the mean price in dollars for a gallon of unleaded gasoline in San Francisco.
$3.55
3.70
(b) Compute the sample standard deviation in dollars. (Round your answer to the nearest cent.)
$0.46
x
(c) Compare the mean price per gallon for the sample data to the national average price. What conclusions can you draw about the cost of Eiving in San
Francisco?
The average price for a gallon of unleaded gasoline in San Francisco is higher than
Francisco is higher than
the national average. This indicates that the cost of living in San
it would be for cities that have an average price close to the national average.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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