You Want to Estimate the Average Gas Price in Your

question 38

Multiple Choice

You want to estimate the average gas price in your city for a litre of regular unleaded gasoline with 95% confidence.You believe that the standard deviation of prices is $0.05.If you wish to achieve a margin of error no larger than $0.02,how many gas stations should you sample?

• A)25
• B)28
• C)27
• D)24
• E)26

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Definitions:

Total Assets

The sum of all assets owned by a company, including current, non-current, tangible, and intangible assets, reflected on the balance sheet.

Period Of Time

A period of time is a specified duration or a length of time during which events, processes, or conditions occur or continue.

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Shareholder's Equity.

Office Equipment

Items purchased for use in conducting business operations, including computers, desks, and chairs.