Part 1 - Estimate the mean price of regular gasoline in the Dayton area by taking a sample. What is the population you will be studying?Think carefully about how you are going to get a good sample to calculate a sample mean and collect the sample. For example, driving around your neighborhood is an example of a convenience sample and should not be done. Think of a more efficient way to collect gas prices that will also cover the whole Dayton area. Write a paragraph or two explaining how you collected your sample and why you think your sample is representative of Dayton gas prices.What is the sample mean?Construct a 95% confidence interval for the population mean price of gasoline in the Dayton area.Explain what this confidence interval tells you. Part 2 - Compare your sample estimate to the current mean gas price in the State of Ohio.Find the mean price of gasoline in the State of Ohio. You might try this GasBuddy website.Set up a null and alternative hypothesis to see if your sample for Dayton is enough to prove that the population mean gasoline price in Dayton is different than the mean price in Ohio. Test the hypotheses. Show your work.Using a significance level of 0.05, what is your conclusion? Part 3 - Compare your sample estimate to the current mean gas price in the U.S.What is the mean price of gasoline in the U.S.? You might try reading the graph on this GasBuddy website.Set up a null and alternative hypothesis to see if your sample for Dayton is enough to prove that the population mean price in Dayton is different than the mean price in the U.S. Test the hypotheses. Show your work.Using a significance level of 0.05, what is your conclusion?write a final summary of the results and what you learned by doing this activity.

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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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Part 1 - Estimate the mean price of regular gasoline in the Dayton area by taking a sample.

What is the population you will be studying?
Think carefully about how you are going to get a good sample to calculate a sample mean and collect the sample. For example, driving around your neighborhood is an example of a convenience sample and should not be done. Think of a more efficient way to collect gas prices that will also cover the whole Dayton area. Write a paragraph or two explaining how you collected your sample and why you think your sample is representative of Dayton gas prices.
What is the sample mean?
Construct a 95% confidence interval for the population mean price of gasoline in the Dayton area.
Explain what this confidence interval tells you.

Part 2 - Compare your sample estimate to the current mean gas price in the State of Ohio.

Find the mean price of gasoline in the State of Ohio. You might try this GasBuddy website.
Set up a null and alternative hypothesis to see if your sample for Dayton is enough to prove that the population mean gasoline price in Dayton is different than the mean price in Ohio. Test the hypotheses. Show your work.
Using a significance level of 0.05, what is your conclusion?

Part 3 - Compare your sample estimate to the current mean gas price in the U.S.

What is the mean price of gasoline in the U.S.? You might try reading the graph on this GasBuddy website.
Set up a null and alternative hypothesis to see if your sample for Dayton is enough to prove that the population mean price in Dayton is different than the mean price in the U.S. Test the hypotheses. Show your work.
Using a significance level of 0.05, what is your conclusion?

write a final summary of the results and what you learned by doing this activity.

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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