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The U.S. Energy Information Administration (US EIA) reported that the average price for a gallon of...

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Basic Math

The U.S. Energy Information Administration (US EIA) reportedthat the average price for a gallon of regular gasoline is $3.95 .The US EIA updates its estimates of average gas prices on a weeklybasis. Assume the standard deviation is $.24 for the price of agallon of regular gasoline and recommend the appropriate samplesize for the US EIA to use if they wish to report each of thefollowing margins of error at 95%confidence. Round up to the nextwhole number.

a. The desired margin of error is $.09 Theappropriate sample size is ____ .

b. The desired margin of error is $.06 Theappropriate sample size is ____ .

c. The desired margin of error is $.05 Theappropriate sample size is ____.

Answer & Explanation Solved by verified expert
4.1 Ratings (552 Votes)
Solution Given thatstandard deviation 024At 95 confidence level the z is 1 95 1    See Answer
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