Data collected by a price reporting agency from more than 90,000 gasoline and convenience stores throughout the U.S. showed that
the average price for a gallon of unleaded gasoline was $3.28. The following data show the price per gallon ($) for a sample of 20 gasoline and convenience stores located in San Francisco. 3.39 3.59 4.99 3.76 3.35 3.71 3.65 3.80 3.95 3.36
3.57 3.39 3.75 3.79 4.15 3.66 3.83 3.93 3.61 3.57
Required:
a. Use the sample data to estimate the mean price in dollars for a gallon of unleaded gasoline in San Francisco.
b. Compute the sample standard deviation in dollars.
c. Compare the mean price per gallon for the sample data to the national average price. What conclusions can you draw about the cost of living in San Francisco?
