Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I'm so lost on how to figure this out in excel please help! Let us assume that the prices of regular unleaded gasoline across the
I'm so lost on how to figure this out in excel please help! Let us assume that the prices of regular unleaded gasoline across the nation are normally distributed with a mean of $1.79 and a standard deviation of $0.25. | |
(a) | Describe the shape and horizontal scaling on the graph of the distribution for the population of all regular unleaded gasoline prices (hereafter referred to simply as gas prices). |
(b) | If all possible samples of size 48 from the population of these gas prices are drawn and the mean is found for each sample, describe the shape and horizontal scaling on the graph of the sampling distribution for these sample mean values as theorized by the Central Limit Theorem. |
(c) | Find the probability that the price from a single randomly selected gas station will be more than $2.00. Based upon your results, would it be unusual to find an individual gas station where the price is more than $2.00? Explain. |
(d) | Find the probability that the mean from 15 randomly selected gas stations will be more than $2.00. Based upon your results, would it be unusual to find a sample of 15 randomly selected gas stations where the average price is more than $2.00? Explain. |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started