Problem related to mean price for a sample


The average price of a gallon of unleaded gasoline was reported to be $3.13 in Illinois. Use this price as the population mean and assume the population standard deviation is $.20.

a. What is the probability that the mean price for a sample of 30 service stations is within $.03 of the population mean?

b.What is the probability that the mean price for a sample of 50 service stations is within $.03 of the population mean?

c.What is the probability that the mean price for a sample of 100 service stations is within $.03 of the population mean?

d.Which if any of the sample sizes (30), (50), and (100) would you recommend to have at least a .95 probabilty that the sample mean is within $.03 of the population mean?

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Basic Statistics: Problem related to mean price for a sample
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