Determine if the finite correction factor should be used. If so, use it in your calculations when you find the probability. In a sample of 900 gas stations, the mean price for regular gasoline at the pump was $2.884 per gallon and the standard deviation was 0.008 per gallon. A random sample of size 50 is drawn from the population. What is the probability that the mean price per gallon is less than$2.883?
Given that
Population size (N)=900
sample size (n)=50
Population mean
Standard deviation
now we have find probablity that the mean price of the sample < 2.883
So let
Now from the formula of finite population corelation factor
(But we dont have any use of FPC in this problem)
Now for finding the Probablity we have to find the Z score First so
Now probablity is asked for the getting the mean less than 2.883 so from the Zscore table we will select the respective probablity that will show the area below that point in the bell shape curve
so
Get Answers For Free
Most questions answered within 1 hours.