Homework Help is Here – Start Your Trial Now!
Math
Statistics
Solve the following problems. Write your answer on your answer sheet. 1. You want to estimate the mean gasoline price within your town to the margin of error of 5 centavos. Local newspaper reports the standard deviation for gas price in the area is 25 centavos. What sample size is needed to estimate the mean gas prices at 95% confidence level? un in 13.8

Solve the following problems. Write your answer on your answer sheet. 1. You want to estimate the mean gasoline price within your town to the margin of error of 5 centavos. Local newspaper reports the standard deviation for gas price in the area is 25 centavos. What sample size is needed to estimate the mean gas prices at 95% confidence level? un in 13.8

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
See similar textbooks
icon
Related questions
Question

Answer the no. 1 be on point on the answer the second pic is the example guide

Solve the following problems. Write your answer on your answer sheet. 1. You want to estimate the mean gasoline price within your town to the margin of error of 5 centavos. Local newspaper reports the standard deviation for gas price in the area is 25 centavos. What sample size is needed to estimate the mean gas prices at 95% confidence level? in 13.8
Transcribed Image Text:Solve the following problems. Write your answer on your answer sheet. 1. You want to estimate the mean gasoline price within your town to the margin of error of 5 centavos. Local newspaper reports the standard deviation for gas price in the area is 25 centavos. What sample size is needed to estimate the mean gas prices at 95% confidence level? in 13.8
Solution: Steps 1. Determine the given. 2. Determine the confidence coefficient 3. Substitute the values in the formula and n= compute. 2 n = n= E 1.29 n= 0.06 n = (21.5)² n = 462.25 or 463 4. Round up the resulting value to the nearest Thus, Mario needs a sample size of 463. whole number. Note: When Determining sample size, we always round up the resulting value to the next whole number. Rule: When the calculated sample size is not a whole number, it should be rounded up to the next higher whole number. Rule: Rounding up a sample size calculation for conservativeness ensures that your sample size will always be the representative of the population. https://www.isixsigma.com/tools-templates/sampling-data/rounding-and-round-rules Reference: Solution 99% confidence, E = 0.06 kg, o = 0.5 kg a 100% - 99% a = 1.99 a = .01 a/2 = 0.01/2 a/2 = 0.005 0.500 0.005 = 0.495 Za/2=1.96 To determine the value of a, we can simply subtract the confidence level from 100%. Division property of equality. Subtract 0.005 from 0.500. Hence, Using the Area under the Standard Normal Curve Table. · 0 E (2.58) (0.5) 0.06 2 2
Transcribed Image Text:Solution: Steps 1. Determine the given. 2. Determine the confidence coefficient 3. Substitute the values in the formula and n= compute. 2 n = n= E 1.29 n= 0.06 n = (21.5)² n = 462.25 or 463 4. Round up the resulting value to the nearest Thus, Mario needs a sample size of 463. whole number. Note: When Determining sample size, we always round up the resulting value to the next whole number. Rule: When the calculated sample size is not a whole number, it should be rounded up to the next higher whole number. Rule: Rounding up a sample size calculation for conservativeness ensures that your sample size will always be the representative of the population. https://www.isixsigma.com/tools-templates/sampling-data/rounding-and-round-rules Reference: Solution 99% confidence, E = 0.06 kg, o = 0.5 kg a 100% - 99% a = 1.99 a = .01 a/2 = 0.01/2 a/2 = 0.005 0.500 0.005 = 0.495 Za/2=1.96 To determine the value of a, we can simply subtract the confidence level from 100%. Division property of equality. Subtract 0.005 from 0.500. Hence, Using the Area under the Standard Normal Curve Table. · 0 E (2.58) (0.5) 0.06 2 2
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS