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Regular gasoline averaged $2.26 per gallon in September 2018. Assume the standard deviation for gasoline prices is $0.14 per gallon. A random sample of 30 service stations was selected. Complete parts a through d. a. What is the probability that the sample mean will be less than $2.23? The probability that the sample mean will be less than $2.23 is (Type an integer or decimal rounded to four decimal places as needed.) b. What is the probability that the sample mean will be more than $2.33? The probability that the sample mean will be more than $2.33 is (Type an integer or decimal rounded to four decimal places as needed.) c. What is the probability that the sample mean will be between $2.22 and $2.387 The probability that the sample mean will be between $2.22 and $2.38 is. (Type an integer or decimal rounded to four decimal places as needed.) d. Suppose the sample mean is $2.32. Does this result support the average gasoline price findings? Explain your answer. The probability that the average price per gallon is more than $2.32 is (Type an integer or decimal rounded to four decimal places as needed.) Does this result support the average gasoline price findings? Explain your answer. Consider a probability of less than 0.05 to be small. O A. The probability supports the finding that the average price per gallon for gas in the population is $2.26, because this probability is large. B. The probability supports the finding that the average price per gallon for gas in the population is $2.26, because this probability is small. O C. The probability does not support the finding that the average price per gallon for gas in the population is $2.26, because this probability is large. O D. The probability does not support the finding that the average price per gallon for gas in the population is $2.26, because this probability is small. Next

Regular gasoline averaged $2.26 per gallon in September 2018. Assume the standard deviation for gasoline prices is $0.14 per gallon. A random sample of 30 service stations was selected. Complete parts a through d. a. What is the probability that the sample mean will be less than $2.23? The probability that the sample mean will be less than $2.23 is (Type an integer or decimal rounded to four decimal places as needed.) b. What is the probability that the sample mean will be more than $2.33? The probability that the sample mean will be more than $2.33 is (Type an integer or decimal rounded to four decimal places as needed.) c. What is the probability that the sample mean will be between $2.22 and $2.387 The probability that the sample mean will be between $2.22 and $2.38 is. (Type an integer or decimal rounded to four decimal places as needed.) d. Suppose the sample mean is $2.32. Does this result support the average gasoline price findings? Explain your answer. The probability that the average price per gallon is more than $2.32 is (Type an integer or decimal rounded to four decimal places as needed.) Does this result support the average gasoline price findings? Explain your answer. Consider a probability of less than 0.05 to be small. O A. The probability supports the finding that the average price per gallon for gas in the population is $2.26, because this probability is large. B. The probability supports the finding that the average price per gallon for gas in the population is $2.26, because this probability is small. O C. The probability does not support the finding that the average price per gallon for gas in the population is $2.26, because this probability is large. O D. The probability does not support the finding that the average price per gallon for gas in the population is $2.26, because this probability is small. Next

MATLAB: An Introduction with Applications
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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**Title: Probability Analysis of Gasoline Prices** **Context:** In September 2018, the regular gasoline average cost was $2.26 per gallon with a standard deviation of $0.14. Data was collected from a random sample of 30 gas stations. **Questions:** 1. **Probability Less than $2.23:** a. What is the probability that the sample mean will be less than $2.23? - (Type an integer or decimal rounded to four decimal places as needed) 2. **Probability More than $2.32:** b. What is the probability that the sample mean will exceed $2.32? - (Type an integer or decimal rounded to four decimal places as needed) 3. **Probability Between $2.22 and $2.38:** c. What is the probability that the sample mean will be between $2.22 and $2.38? - (Type an integer or decimal rounded to four decimal places as needed) 4. **Sample Mean of $2.32:** d. Suppose the sample mean is $2.32. Does this support the average gasoline price findings? Explain. - (Type an integer or decimal rounded to four decimal places as needed) **Options for Explanation:** - **A.** The probability supports the average gasoline price of $2.26 as large probability. - **B.** The probability supports the average gasoline price of $2.26 as small probability. - **C.** The probability does not support the average gasoline price of $2.26 as large probability. - **D.** The probability does not support the average gasoline price of $2.26 as small probability. **Additional Notes:** Consider a probability of less than 0.05 to be statistically significant.
Transcribed Image Text:**Title: Probability Analysis of Gasoline Prices** **Context:** In September 2018, the regular gasoline average cost was $2.26 per gallon with a standard deviation of $0.14. Data was collected from a random sample of 30 gas stations. **Questions:** 1. **Probability Less than $2.23:** a. What is the probability that the sample mean will be less than $2.23? - (Type an integer or decimal rounded to four decimal places as needed) 2. **Probability More than $2.32:** b. What is the probability that the sample mean will exceed $2.32? - (Type an integer or decimal rounded to four decimal places as needed) 3. **Probability Between $2.22 and $2.38:** c. What is the probability that the sample mean will be between $2.22 and $2.38? - (Type an integer or decimal rounded to four decimal places as needed) 4. **Sample Mean of $2.32:** d. Suppose the sample mean is $2.32. Does this support the average gasoline price findings? Explain. - (Type an integer or decimal rounded to four decimal places as needed) **Options for Explanation:** - **A.** The probability supports the average gasoline price of $2.26 as large probability. - **B.** The probability supports the average gasoline price of $2.26 as small probability. - **C.** The probability does not support the average gasoline price of $2.26 as large probability. - **D.** The probability does not support the average gasoline price of $2.26 as small probability. **Additional Notes:** Consider a probability of less than 0.05 to be statistically significant.
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