Calculus and Above

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Let us assume that the...

Let us assume that the prices of regular unleaded gasoline across the nation are normally distributed with a mean of $3.60

and a standard deviation of $0.32.

Describe the shape and horizontal scaling on the graph of the distribution for the population of all regular unleaded gasoline prices

(hereafter referred to simply as gas prices).

If all possible samples of size 16 from the population of these gas prices are drawn and the mean is found for each sample, describe

the shape and horizontal scaling on the graph of the sampling distribution for these sample mean values as theorized by the Central Limit Theorem.

Find the probability that the price from a single randomly selected gas station will be more than $4.00. Based upon your results, would it be unusual

to find an individual gas station where the price is more than $4.00?

Find the probability that the mean from 16 randomly selected gas stations will be more than $4.00. Based upon your results, would it be unusual to

find a sample of 16 randomly selected gas stations where the average price is more than $4.00?

and a standard deviation of $0.32.

Describe the shape and horizontal scaling on the graph of the distribution for the population of all regular unleaded gasoline prices

(hereafter referred to simply as gas prices).

If all possible samples of size 16 from the population of these gas prices are drawn and the mean is found for each sample, describe

the shape and horizontal scaling on the graph of the sampling distribution for these sample mean values as theorized by the Central Limit Theorem.

Find the probability that the price from a single randomly selected gas station will be more than $4.00. Based upon your results, would it be unusual

to find an individual gas station where the price is more than $4.00?

Find the probability that the mean from 16 randomly selected gas stations will be more than $4.00. Based upon your results, would it be unusual to

find a sample of 16 randomly selected gas stations where the average price is more than $4.00?

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