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Exhibit 9-8The average gasoline price of one of the major oil companies in Europe has been $1.25 per ...

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Exhibit 9-8The average gasoline price of one of the major oil companies in Europe has been $1.25 per ...

Exhibit 9-8
The average gasoline price of one of the major oil companies in Europe has been $1.25 per liter. Recently, the company has undertaken several efficiency measures in order to reduce prices. Management is interested in determining whether their efficiency measures have actually reduced prices. A random sample of 49 of their gas stations is selected and the average price is determined to be $1.20 per liter. Furthermore, assume that the standard deviation of the population () is $0.14.

Refer to Exhibit 9-8. The standard error has a value of

▸

0.14

▸

2.5

▸

0.02

Textbook

Essentials of Statistics for Business and Economics

Edition: 7^th

Authors: Anderson, Sweeney, Williams, Camm, Cochran

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