Price of Gasoline :: essays research papers

ANALYZING THE PRICE OF GASOLINEThe assignment this week presents a problem where the American Automobile familiarity (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 sidereal days price of unleaded gasoline. The following data (in dollars) was given in this reportTable 1 - Prices of Unleaded Gasoline at 51 post1.071.311.181.011.231.091.291.101.161.080.961.661.211.091.021.041.011.031.091.111.111.171.041.091.050.961.321.091.261.111.031.201.211.051.101.040.971.211.071.170.981.101.041.031.121.101.031.181.111.091.06Create a data array with the gasoline price dataA data array is defined as data that have been select 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. entropy 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 number of prices that argon 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)Range0.70 of contoures5Class comprehensiveness0.1400Bin 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)Estimate of the Number of Prices that are at least $1.15Using the histogram presented in the previous section, the estimate of the num ber of prices 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. heretofore 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)Est imate of the Number 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.