[Solution Library] The average cost of a gallon of unleaded gasoline in Greater Cincinnati was reported to be 2.41. During periods of rapidly changing prices,
Question: The average cost of a gallon of unleaded gasoline in Greater Cincinnati was reported to be 2.41. During periods of rapidly changing prices, the newspaper samples service stations and prepares reports on gasoline prices frequently. Assume the standard deviation is $.15 for the price of a gallon of unleaded regular gasoline, and recommended the appropriate sample size for the newspaper to use if they wish to report a margin of error at 95% confidence.
- Suppose he desired margin of error is $.07
- Suppose the desired margin of error is $.05
- Suppose the desired margin of error is $.03
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