MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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**Title: Probability Analysis of Gasoline Prices**

**Context:**
In September 2018, the regular gasoline average cost was $2.26 per gallon with a standard deviation of $0.14. Data was collected from a random sample of 30 gas stations.

**Questions:**

1. **Probability Less than $2.23:**
   a. What is the probability that the sample mean will be less than $2.23?
   - (Type an integer or decimal rounded to four decimal places as needed)

2. **Probability More than $2.32:**
   b. What is the probability that the sample mean will exceed $2.32?
   - (Type an integer or decimal rounded to four decimal places as needed)

3. **Probability Between $2.22 and $2.38:**
   c. What is the probability that the sample mean will be between $2.22 and $2.38?
   - (Type an integer or decimal rounded to four decimal places as needed)

4. **Sample Mean of $2.32:**
   d. Suppose the sample mean is $2.32. Does this support the average gasoline price findings? Explain.
   - (Type an integer or decimal rounded to four decimal places as needed)

**Options for Explanation:**
- **A.** The probability supports the average gasoline price of $2.26 as large probability.
- **B.** The probability supports the average gasoline price of $2.26 as small probability.
- **C.** The probability does not support the average gasoline price of $2.26 as large probability.
- **D.** The probability does not support the average gasoline price of $2.26 as small probability.

**Additional Notes:**
Consider a probability of less than 0.05 to be statistically significant.
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Transcribed Image Text:**Title: Probability Analysis of Gasoline Prices** **Context:** In September 2018, the regular gasoline average cost was $2.26 per gallon with a standard deviation of $0.14. Data was collected from a random sample of 30 gas stations. **Questions:** 1. **Probability Less than $2.23:** a. What is the probability that the sample mean will be less than $2.23? - (Type an integer or decimal rounded to four decimal places as needed) 2. **Probability More than $2.32:** b. What is the probability that the sample mean will exceed $2.32? - (Type an integer or decimal rounded to four decimal places as needed) 3. **Probability Between $2.22 and $2.38:** c. What is the probability that the sample mean will be between $2.22 and $2.38? - (Type an integer or decimal rounded to four decimal places as needed) 4. **Sample Mean of $2.32:** d. Suppose the sample mean is $2.32. Does this support the average gasoline price findings? Explain. - (Type an integer or decimal rounded to four decimal places as needed) **Options for Explanation:** - **A.** The probability supports the average gasoline price of $2.26 as large probability. - **B.** The probability supports the average gasoline price of $2.26 as small probability. - **C.** The probability does not support the average gasoline price of $2.26 as large probability. - **D.** The probability does not support the average gasoline price of $2.26 as small probability. **Additional Notes:** Consider a probability of less than 0.05 to be statistically significant.
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