The American Auto Association Reports the Mean Price Per Gallon

question 2

Short Answer

The American Auto Association reports the mean price per gallon of regular gasoline is $3.10 with a population standard deviation of $0.20. Assume a random sample of 16 gasoline stations is selected and their mean cost for regular gasoline is computed. What is the likelihood the sample mean is greater than $3.08?

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Definitions:

Evaluate

To assess or determine the value, quality, importance, or effectiveness of something.

Evaluate

To assess or determine the value, significance, or worth of something through analysis or examination.

Simplify

The process of making an expression, equation, or fraction as straightforward as possible by reducing it to its basic form.

Evaluate

To assess or determine the value, significance, or condition of something through careful analysis.