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 3.17 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.
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 3.25 and 3.33. Because the sample mean is between these two values, we have support that the average price for regular gasoline is 3.29.
Question 2
Medicare would like to test the hypothesis that the standard deviation for the monthly rate for one-bedroom assisted-living facility is more than 400.
A random sample of 17 assisted living facilities had a standard deviation of 530. Using = 0.01, the critical value for this hypothesis test would be ________.
A) 5.812
B) 6.908
C) 32.000
D) 34.267
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The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?