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Part 1 -Estimate the mean price of regular gasoline in the Dayton area by taking a sample. What is the population you will be studying?
Part 1-Estimate the mean price of regular gasoline in the Dayton area by taking a sample.
- What is the population you will be studying?
- Think carefullyabout how you are going to get a good sample to calculate a sample mean and collect the sample. For example, driving around your neighborhood is an example of a convenience sample and should not be done. Think of a more efficient way to collect gas prices that will also cover the whole Dayton area. Write a paragraph or two explaining how you collected your sample and why you think your sample is representative of Dayton gas prices.
- What is the sample mean?
- Construct a 95% confidence interval for the population mean price of gasoline in the Dayton area.
- Explain what this confidence interval tells you.
Part 2-Compare your sample estimate to the current mean gas price in the State of Ohio.
- Find the mean price of gasoline in the State of Ohio. You might try this GasBuddy website.
- Set up a null and alternative hypothesis to see if your sample for Dayton is enough to prove that the population mean gasoline price in Dayton is differentthan the mean price in Ohio. Test the hypotheses. Show your work.
- Using a significance level of 0.05, what is your conclusion?
Part 3-Compare your sample estimate to the current mean gas price in the U.S.
- What is the mean price of gasoline in the U.S.? You might try reading the graph on this GasBuddy website.
- Set up a null and alternative hypothesis to see if your sample for Dayton is enough to prove that the population mean price in Dayton is different than the mean price in the U.S. Test the hypotheses. Show your work.
- Using a significance level of 0.05, what is your conclusion?
show all work, step-by-step, and write a final summary of the results and what was learned by doing this activity.
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