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... The average retail price for unleaded gasoline posted its fourth record high during
the week of June 12, 2000, increasing 5 cents a gallon to an average of ...
The Price of Gasoline. The Price of Gasoline June 1, 2005 The Price of Gasoline
What you are paying for when you buy a gallon of gasoline? ...
Price of Gasoline. ANALYZING THE PRICE OF GASOLINE The assignment this week
presents a problem where the American Automobile Association ...
... the 21st century. The main product of supply, demand and price that is
affected everyday is the price for gasoline. This has been ...
... There has been a consistent gasoline price increase since the beginning of the year,
and consumers are starting to feel the pinch on their wallets. ...
Submitted by lkruger on August 20, 2005
Category: Business
Words: 1227 | Pages: 5
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ANALYZING THE PRICE OF GASOLINE
The assignment this week presents a problem where the American Automobile Association (AA) generates a report on gasoline prices that it distributes to newspapers throughout the state. It further states that on February 18, 1999, the AAA called a random sample of fifty-one stations to determine that day's price of unleaded gasoline. The following data (in dollars) was given in this report:
Table 1 - Prices of Unleaded Gasoline at 51 Stations
1.07 1.31 1.18 1.01 1.23 1.09 1.29 1.10 1.16 1.08
0.96 1.66 1.21 1.09 1.02 1.04 1.01 1.03 1.09 1.11
1.11 1.17 1.04 1.09 1.05 0.96 1.32 1.09 1.26 1.11
1.03 1.20 1.21 1.05 1.10 1.04 0.97 1.21 1.07 1.17
0.98 1.10 1.04 1.03 1.12 1.10 1.03 1.18 1.11 1.09
1.06
Create a data array with the gasoline price data
A data array is defined as "data that have been sorted in ascending or descending order" (Shannon, Groebner, Fry, & Smith, 2002, 72). The following section presents the data presented in Table 1 as a data array.
Data Array
0.96, 0.96, 0.97, 0.98, 1.01, 1.01, 1.02, 1.03, 1.03, 1.03, 1.03, 1.04, 1.04, 1.04, 1.04, 1.05, 1.05, 1.06, 1.07, 1.07, 1.08, 1.09, 1.09, 1.09, 1.09, 1.09, 1.09, 1.10, 1.10, 1.10, 1.10, 1.11, 1.11, 1.11, 1.11, 1.12, 1.16, 1.17, 1.17, 1.18, 1.18, 1.20, 1.21, 1.21, 1.21, 1.23, 1.26, 1.29, 1.31, 1.32, 1.66
Data Analysis
Given the data presented in the previous sections, the next few sections use two histograms to estimate the number of prices that are at least $1.15. The first histogram presents the data using five classes and the second uses fifteen.
Histogram #1
Data Used in Histogram #1 (5 classes)
Range 0.70
# of Classes 5
Class Width 0.1400
Bin # Classes Frequency Relative Frequency Cumulative Frequency Cumulative Relative Frequency
1 0.9600 < 1.1000 27 0.53 27 0.53
2...
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