The U.S. Energy Information Administration (US EIA) reported that the average price fora gallon of regular gasoline is $3.94 (US EIA website, April 6, 2012). The US EIA updatesits estimates of average gas prices on a weekly basis. Assume the standard deviation is$.25 for the price of a gallon of regular gasoline and recommend the appropriate samplesize for the US EIA to use if they wish to report each of the following margins of error at95% confidence.a. The desired margin of error is $.10

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.