Looking at the Runs Plot of Gasoline Prices Over the Past

question 40

Short Answer

Looking at the runs plot of gasoline prices over the past 30 months, describe what it tells us about the price of gas during these 30 months.

---

Definitions:

Population Mean

The average value of a characteristic or measurement across the entire population targeted in a study.

Population Standard Deviation

A measure of the dispersion or spread of a set of data points in a population, quantifying how much the data diverges from the mean of the population.

Sample Size

The number of observations or replicates used in a statistical sample.

Confidence Estimate

A range or interval within which an unknown population parameter is expected to lie, calculated to a specific confidence level.