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Name: Data collected by a price reporting agency from more than 90,000 gasol
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Description: 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 liter of unleaded gasoline was $0.87. The following data show the price per liter ($) for a sampl

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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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 liter of unleaded gasoline was $0.87. The following data show the price per liter ($) for a sample of 20 gasoline and convenience stores located in San Francisco.

0.97	0.97	1.29	0.92	0.96	0.96	0.98	0.93	1.01	0.96
0.96	0.97	0.96	1.03	1.12	0.95	0.94	1.01	0.93	0.92

(a)

Use the sample data to estimate the mean price in dollars for a liter of unleaded gasoline in San Francisco. (Round your answer to three decimal places.)

(b)

Compute the sample standard deviation in dollars. (Round your answer to three decimal places.)

(c)

Compare the mean price per liter for the sample data to the national average price. What conclusions can you draw about the cost of living in San Francisco?

The average price for a liter of unleaded gasoline in San Francisco is lower than/higher than/same as the national average. This indicates that the cost of living in San Francisco is ... than 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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