The National Average Price for Regular Gasoline Was Recently Reported

question 7

Multiple Choice

The national average price for regular gasoline was recently reported to be $3.29 per gallon. The standard deviation for the price of regular gasoline was $0.12. A random sample of 33 gas stations had an average price of $3.26. Which of the following statements is correct?

• A)The interval that contains 95% of the sample means is $3.25 and $3.33. Because the sample
• B)The interval that contains 95% of the sample means is $3.20 and $3.38. Because the sample mean is between these two values, we do not have support that the average price for regular gasoline is $3.29
• C)The interval that contains 95% of the sample means is $3.23 and $3.35. Because the sample mean is between these two values, we do not have support that the average price for regular gasoline is $3.29.
• D)The interval that contains 95% of the sample means is $3.17 and $3.41. Because the sample mean is between these two values, we have support that the average price for regular gasoline is $3.29.

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Definitions:

Gain Or Loss

Gain or loss refers to the financial outcome resulting from the sale of an asset or investment, calculated as the difference between the sale price and the original purchase price.

Accumulated Depletion

The total reduction in value of a natural resource as it is extracted or used over time.

Mineral Deposit

A concentration of naturally occurring material from the earth's crust that can be extracted and processed profitably.

Expense Account

An account where costs incurred by a business, like rent, utilities, and salaries, are recorded.