Homework SourseAn analyst from an energy research institute in California w
An analyst from an energy research institute in California wishes to precisely estimate a 93% confidence interval for the average price of unleaded gasoline in the state. In particular, she does not want the sample mean to deviate from the population mean by more than $0.07. What is the minimum number of gas stations that she should include in her sample if she uses the standard deviation estimate of $0.22, as reported in the popular press? Use Table 1. (Do not round intermediate calculations. Round \"z\" value to 2 decimal places. Round up your answer to the nearest whole number.)
| An analyst from an energy research institute in California wishes to precisely estimate a 93% confidence interval for the average price of unleaded gasoline in the state. In particular, she does not want the sample mean to deviate from the population mean by more than $0.07. What is the minimum number of gas stations that she should include in her sample if she uses the standard deviation estimate of $0.22, as reported in the popular press? Use Table 1. (Do not round intermediate calculations. Round \"z\" value to 2 decimal places. Round up your answer to the nearest whole number.) |
Solution
