Answer to Question #51309 in Statistics and Probability for Matt

Question

The average price per gallon of unleaded regular gasoline was reported to be $2.34 in northern Kentucky. Use this price as the population mean, and assume that the population standard deviation is $0.20.

1. For a random sample of 64 service stations, find the standard deviation of the sampling distribution of the sample mean.

2. For a random sample of 100 service stations, find the standard deviation of the sampling distribution of the sample mean.