Question
For this assessment, you will need to use SAS Enterprise Guide or the Excel Calculators, the latter of which can be found in Resources. SAS users can reference the SAS tutorials located in the third study activity of Unit 1. For this assignment, you will practice applying inferential statistical analysis to two business decision scenarios. Complete both of the following scenarios.
Practical Application Scenario 1
To complete this scenario, use SAS Enterprise Guide or the Confidence Interval Calculator and the Area Gas Prices document, provided in Updates and Handouts.
The Star Tribune newspaper has decided to write an article about gasoline prices in the Twin Cities area (Minneapolis and St. Paul, Minnesota). The newspaper has designed a survey and taken a simple random sample of regular unleaded gas prices at 70 area stations. The results are in the Area Gas Prices file. The newspaper's policy is that no data will be reported unless they are 95 percent confident that the numbers are correct. As the new manager of the data verification unit at the Star Tribune, you need to develop a 95 percent confidence interval for the average price of regular unleaded gasoline in the Twin Cities area.
You already know how to compute sample parameters, like the sample mean and sample standard deviation; this scenario simply asks you to complete a confidence interval for the data provided and communicate the results to the Star Tribune's business manager
Station Minneapolis Price of Regular Unleaded Station 1 $3.24 Minneapolis Price of Regular Unleaded 2 $3.03 Minneapolis Price of Regular Unleaded 3 $3.63 Minneapolis Price of Regular Unleaded 4 $3.58 Minneapolis Price of Regular Unleaded 5 $2.94 Minneapolis Price of Regular Unleaded 6 $3.68 Minneapolis Price of Regular Unleaded 7 $3.14 Minneapolis Price of Regular Unleaded 8 $3.36 Minneapolis Price of Regular Unleaded 9 $3.40 Minneapolis Price of Regular Unleaded 10 $3.20 Minneapolis Price of Regular Unleaded 11 $2.85 Minneapolis Price of Regular Unleaded 12 $3.80 Minneapolis Price of Regular Unleaded 13 $3.31 Minneapolis Price of Regular Unleaded 14 $3.78 Minneapolis Price of Regular Unleaded 15 $3.43 Minneapolis Price of Regular Unleaded 16 $3.27 Minneapolis Price of Regular Unleaded 17 $3.18 Minneapolis Price of Regular Unleaded 18 $3.48 Minneapolis Price of Regular Unleaded 19 $3.00 Minneapolis Price of Regular Unleaded 20 $3.36 Minneapolis Price of Regular Unleaded 21 $3.52 Minneapolis Price of Regular Unleaded 22 $3.26 Minneapolis Price of Regular Unleaded 23 $3.04 Minneapolis Price of Regular Unleaded 24 $3.17 Minneapolis Price of Regular Unleaded 25 $3.26 Minneapolis Price of Regular Unleaded 26 $3.27 Minneapolis Price of Regular Unleaded 27 $3.30 Minneapolis Price of Regular Unleaded 28 $3.51 Minneapolis Price of Regular Unleaded 29 $3.80 Minneapolis Price of Regular Unleaded 30 $3.05 Minneapolis Price of Regular Unleaded 31 $3.56 Minneapolis Price of Regular Unleaded 32 $3.53 Minneapolis Price of Regular Unleaded 33 $2.96 Minneapolis Price of Regular Unleaded 34 $3.57 Minneapolis Price of Regular Unleaded 35 $3.58 Minneapolis Price of Regular Unleaded 36 $3.05 St. Paul Price of Regular Unleaded 37 $2.89 St. Paul Price of Regular Unleaded 38 $3.84 St. Paul Price of Regular Unleaded 39 $3.50 St. Paul Price of Regular Unleaded 40 $2.78 St. Paul Price of Regular Unleaded 41 $3.51 St. Paul Price of Regular Unleaded 42 $3.33 St. Paul Price of Regular Unleaded 43 $3.31 St. Paul Price of Regular Unleaded 44 $3.20 St. Paul Price of Regular Unleaded 45 $3.15 St. Paul Price of Regular Unleaded 46 $2.75 St. Paul Price of Regular Unleaded 47 $3.79 St. Paul Price of Regular Unleaded 48 $3.10 St. Paul Price of Regular Unleaded 49 $3.92 St. Paul Price of Regular Unleaded 50 $3.31 St. Paul Price of Regular Unleaded 51 $3.45 St. Paul Price of Regular Unleaded 52 $3.17 St. Paul Price of Regular Unleaded 53 $3.44 St. Paul Price of Regular Unleaded 54 $2.93 St. Paul Price of Regular Unleaded 55 $3.21 St. Paul Price of Regular Unleaded 56 $3.37 St. Paul Price of Regular Unleaded 57 $3.08 St. Paul Price of Regular Unleaded 58 $3.04 St. Paul Price of Regular Unleaded 59 $3.24 St. Paul Price of Regular Unleaded 60 $3.17 St. Paul Price of Regular Unleaded 61 $3.36 St. Paul Price of Regular Unleaded 62 $3.25 St. Paul Price of Regular Unleaded 63 $3.62 St. Paul Price of Regular Unleaded 64 $3.88 St. Paul Price of Regular Unleaded 65 $3.02 St. Paul Price of Regular Unleaded 66 $3.68 St. Paul Price of Regular Unleaded 67 $3.29 St. Paul Price of Regular Unleaded 68 $2.81 St. Paul Price of Regular Unleaded 69 $3.43 St. Paul Price of Regular Unleaded 70 $3.44 St. Paul Price of Regular Unleaded Mean Median Standard Deviation
Explanation / Answer
Hope this helps.
Minneapolis St.Paul 1 3.24 3.05 2 3.03 2.89 3 3.63 3.84 4 3.58 3.5 5 2.94 2.78 6 3.68 3.51 7 3.14 3.33 8 3.36 3.31 9 3.40 3.2 10 3.20 3.15 11 2.85 2.75 12 3.80 3.79 13 3.31 3.1 14 3.78 3.92 15 3.43 3.31 16 3.27 3.45 17 3.18 3.17 18 3.48 3.44 19 3.00 2.93 20 3.36 3.21 21 3.52 3.37 22 3.26 3.08 23 3.04 3.04 24 3.17 3.24 25 3.26 3.17 26 3.27 3.36 27 3.30 3.25 28 3.51 3.62 29 3.80 3.88 30 3.05 3.02 31 3.56 3.68 32 3.53 3.29 33 2.96 2.81 34 3.57 3.43 35 3.58 3.44 Z-crit 1.96 Mean 3.34 3.29 Confidence Intervals Lower Upper Median 3.31 3.29 Minneapolis 3.259 3.429 S.D 0.257 0.305 St.Paul 3.193 3.396 S.Error 0.043400035 0.051580634
