Question

The average price of regular unleaded gasoline was reported to be $2.34 in 2006. Use the...

The average price of regular unleaded gasoline was reported to be $2.34 in 2006. Use the price as the population mean and assume the population standard deviation is $0.20. What sample size would be needed to ensure a probability of 0.95 that the sample mean is within $0.03 of the population mean? Please specify your answer to the nearest whole number. If you answer is 120.73, please input 121 for your answer.

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The Grocery Manufacturers of America reported that 76% of consumers read the ingredients listed on a product's label. Assume the population proportion p=0.76 and a sample of 400 consumers is selected from the population. What is the probability that the sample proportion will be below the population mean by 0.03 or more? During the intermediate steps, please specify the standard error to 4 decimal places and the z scores to 2 decimal places. Specify your final answer to 4 decimal places.

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