You want to know about the mean price of gas per gallon in all gas stations in Indiana. You are going to select 30 random gas stations from Indiana to estimate it. From now on, suppose that you do not know the population standard deviation.Therefore, you instead calculated the sample standard deviation, and it was $0.85. What is the margin of error for a 95% confidence interval for the population mean price of gas per gallon?Using the sample standard deviation value from Question 19 ($0.85), what is the 95% confidence interval if the sample mean price is $3.15?Do you think that the confidence interval will change if you knew that there are 1200 number of gas stations in total in Indiana? What is the reason?

Name: You want to know about the mean price of gas per gallon in all gas sta
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Description: You want to know about the mean price of gas per gallon in all gas stations in Indiana. You are going to select 30 random gas stations from Indiana to estimate it. From now on, suppose that you do not know the population standard deviation.Therefore,

The margin of error for the population mean for a sample is, ME =tsnwhere s=sample standard…

Answered: You want to know about the mean price…

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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You want to know about the mean price of gas per gallon in all gas stations in Indiana. You are going to select 30 random gas stations from Indiana to estimate it.

From now on, suppose that you do not know the population standard deviation.

Therefore, you instead calculated the sample standard deviation, and it was $0.85. What is the margin of error for a 95% confidence interval for the population mean price of gas per gallon?
Using the sample standard deviation value from Question 19 ($0.85), what is the 95% confidence interval if the sample mean price is $3.15?
Do you think that the confidence interval will change if you knew that there are 1200 number of gas stations in total in Indiana? What is the reason?

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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