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The Oil Price Information Center reports the mean price per gallon of regular gasoline is $3.79 with a population standard deviation of $0.18. Assume a random sample of 40 gasoline stations is selected and their mean cost for regular gasoline is computed.

(a) What is the standard error of the mean in this experiment? (Round your answer to 4 decimal places.)

(b) What is the probability that the sample mean is between $3.77 and $3.81? (Round z value to 2 decimal places.Round your final answer to 4 decimal places.)

(c) What is the probability that the difference between the sample mean and the population mean is less than 0.01? (Round z value to 2 decimal places. Round your final answer to 4 decimal places.)

(d) What is the likelihood the sample mean is greater than $3.87?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9489933

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