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Author Question: Exhibit 9-8The average gasoline price of one of the major oil companies in Europe has been $1.25 per ... (Read 56 times)

ega16

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on: Mar 25, 2023

Exhibit 9-8
The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter.  Recently, the company has undertaken several efficiency measures in order to reduce prices.  Management is interested in determining whether their efficiency measures have actually reduced prices.  A random sample of 49 of their gas stations is selected and the average price is determined to be $1.20 per liter.  Furthermore, assume that the standard deviation of the population () is $0.14.


Refer to Exhibit 9-8.  The standard error has a value of


◦

0.14


◦

7


◦

2.5


◦

0.02

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by ega16 on Mar 25, 2023

H.cope00

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Reply #1 on: Mar 25, 2023
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ega16

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Reply 2 on: Mar 25, 2023
Thanks for the timely response, appreciate it

robbielu01

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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