The Price of Gas In this activity you will investigate the price of gasoline in the Dayton area. Estimate the mean price of a gallon of regular gasoline in the Dayton area by taking a sample. 1. What is the population you are studying? 2. What is the population parameter that you are wanting to measure? Take a sample of 25 Dayton area gas stations: (Note: You can do this on the internet) 3. Think carefully about how you are going to get a good sample of exactly 25 Dayton area gas stations to calculate a sample mean. Write a paragraph or two explaining why you think your sample is representative of the Dayton area. 4. Collect your sample. 5. Use Excel to find the sample mean and sample standard deviation. 6. Construct a 95% confidence interval for the population mean price of gasoline in the Dayton area. Show all your hand written work in doing this. 7. Explain what this confidence interval tells you. Compare your sample estimate to the current mean price of regular gas in the US. See AAA Gas Prices: http://gasprices.aaa.com/ 8. Set up a null and alternative hypothesis and test to see if your estimated mean price in Dayton is enough to prove that the population mean gasoline price in Dayton is different than the US mean price. Show your hand written work using a test statistic/ rejection region approach. 9. Find a p-value and explain what it tells you. Use Excel (see instructions: T-Dist p-values using_Excel) 10. What is your conclusion? How does the mean price of regular gasoline in Dayton compare to the national mean price? Explain