Texaco Gasoline
Posted on Monday, March 23, 2009 in Collectibles
Population Mean Question - Please Help!?
Bob Nale is the owner of Nale's Texaco GasTown. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a standard deviation of 2.2 gallons. From his records, he selects a random sample of 59 sales and finds the mean number of gallons sold is 8.41.
(a)The point estimate of the population mean is …..
(b)The 95 percent confidence interval for the population mean is between …… and ……
(a) ANSWER: POINT ESTIMATE OF POPULATION MEAN = 8.41
Why???
Due to Central Limit Theorem, a POINT ESTIMATE OF POPULATION MEAN (SAMPLE AVERAGE) is always the same as the POPULATION MEAN.
(b) ANSWER: 95% CONFIDENCE INTERVAL = [4.1, 12.7]
Why???
95% CONFIDENCE INTERVAL = POINT ESTIMATE OF POPULATION MEAN +/- ('z score') * POPULATION STANDARD DEVATION [8.41 +/- 1.96 * 2.2]
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