Price of Gasoline :: essays research papers

ANALYZING THE PRICE OF GASOLINEThe assignment this week presents a caper where the Ameri kitty Automobile Association (AA) generates a report on flatulency prices that it distributes to newspapers throughout the state. It further states that on February 18, 1999, the AAA called a random sampling of fifty-one stations to determine that days price of nonleaded gasoline. The following entropy (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 selective information 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.selective information 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 precedent sections, the next few sections use two histograms to estimate the number of prices that are at least(prenominal) $1.15. The first histogram presents the data using five classes and the indorse uses fifteen.Histogram 1Data Used in Histogram 1 (5 classes)Range0.70 of crystallizees5Class Width0.1400Bin Classes relative frequencyRelative Frequency additive 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 $1.15 use the histogram presented in the previous section, the estimate of the number of prices that are at least $1.15 is five. This is because the exclusively values that can be counted fall into stash aways three, four, and five. Even though bin two may contain values that are supra 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 1.613800.00500.9815 1.6138 1.660110.02511.00Histogram 2 (using 15 Classes)Estimate 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.