Price of Gasoline :: essays research papers

ANALYZING THE PRICE OF GASOLINEThe 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 station to determine that days price of unleaded gasoline. The following info (in dollars) was given in this reportTable 1 - Prices of Unleaded Gasoline at 51 Stations1.071.311.181.011.231.091.291.101.161.080.961.661.211.091.021.041.011.031.091.111.111.171.041.091.050.961.321.091.261.111.031.201.211.051.101.040.971.211.071.170.981.101.041.031.121.101.031.181.111.091.06Create a data array with the gasoline price dataA 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 Array0.96, 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, 1.66Data AnalysisGiven the data presented in the previous sections, the next few sections use two histograms to estimate the fall of prices that atomic number 18 at least $1.15. The first histogram presents the data using five classes and the second uses fifteen.Histogram 1Data Used in Histogram 1 (5 classes) mountain range0.70 of Classes5Class Width0.1400Bin ClassesFrequencyRelative FrequencyCumulative FrequencyCumulative Relative Frequency10.9600 1.1000270.53270.5321.1000 1.2400190.37460.9031.2400 1.380040.08500.9841.3800 1.520000.00500.9851.5200 1.660110.02511.00Histogram 1 (using 5 Classes) imagine of the topic of Prices that are at least $1.15Using the histogram presented in the previous section, the estimate of the number of p rices that are at least $1.15 is five. This is because the only values that can be counted fall into bins three, four, and five. Even though bin two may contain values that are above the $1.15 threshold, they can not be counted as they are not guaranteed to be above the stated value. Therefore the formula for the estimate is Estimate = B3 + B4 + B5, where B3=4, B4=0 and B5=1.Histogram 2Data Used in Histogram 2 (15 classes)Range0.70 of Classes15Class Width0.0467Bin ClassesFrequencyRelative FrequencyCumulative FrequencyCumulative Relative Frequency10.9600 1.006740.0840.0821.0067 1.0534130.25170.3331.0534 1.1001140.27310.6141.1001 1.146850.10360.7151.1468 1.193550.10410.8061.1935 1.240250.10460.9071.2402 1.286910.02470.9281.2869 1.333630.06500.9891.3336 1.380300.00500.98101.3803 1.427000.00500.98111.4270 1.473700.00500.98121.4737 1.520400.00500.98131.5204 1.567100.00500.98141.5671 1.613800.00500.98151.6138 1.660110.02511.00Histogram 2 (using 15 Classes)Estimate of the Nu mber of Prices that are at least $1.15Using the histogram presented in the previous section, the estimate of the number of prices that are at least $1.