Question
I am doing a data analysis on gas prices. My hypothesis is that Michigan retail gas prices are contingent on location and population, my data
I am doing a data analysis on gas prices. My hypothesis is that Michigan retail gas prices are contingent on location and population, my data is below; my sample size is 5 cities in Michigan. I will make bell curve, I will do this in excel on a normal distribution but I dont know if this is possible using the data I have. How could I phrase the data so that I can use a sample size of 5, a standard deviation of 1 to determine hypothesis 0 and hypothesis 1? (retail gas price is contingent on population and location). I am OK with using t distribution as well, but I dont know which makes more sense? How can I correlate this data to fit in a bell curve? I am open to suggestions/changes. I am struggling a bit because I am not very educated in stats in the first place.
Thanks
City | Population | Avg Gas Price: Regular |
Traverse City | 15,984 | $ 4.23 |
Marquette | 22,048 | $ 4.30 |
Jackson | 32,062 | $ 4.20 |
Pontiac | 58,529 | $ 4.20 |
Flint | 94,374 | $ 4.23 |
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