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A recent study of 50 self-service gasoline stations in the Greater Cincinnati-Northern Kentucky metropolitan area revealed that the mean price of unleaded gas was $2.029 per gallon. The sample standard deviation was $0.03 per gallon.

a. Determine a 99 percent confidence interval for the population mean price.

b. Would it be reasonable to conclude that the population mean was $1.50? Why or why not?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9690124

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