Price of Gasoline :: essays research papers

ANALYZING THE PRICE OF GASOLINEThe assignment this week presents a chore where the American Automobile Association (AA) generates a report on gas pedal 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 unleaded gasoline. The following entropy (in dollars) was given in this reportTable 1 - Prices of Unleaded Gasoline at 51 Stations1.07     1.31     1.18     1.01     1.23     1.09     1.29     1.10     1.16     1.080.96     1.66     1.21     1.09     1.02     1.04     1.01     1.03     1.09      1.111.11     1.17     1.04     1.09     1.05     0.96     1.32     1.09     1.26     1.111.03     1.20     1.21     1.05     1.10     1.04     0.97     1.21     1.07     1.170.98     1.10     1.04     1.03     1.12     1.10     1.03     1.18     1.11     1.091.06                                    &nbs p        Create a entropy 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 air division 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 arrive of prices that are at to the lowest degree(prenominal) $1.15. The first histogram presents the data using five classes and the second uses fifteen.Histogram 1Data Used in Histogram 1 (5 classes) background     0.70 & nbsp                   of Classes     5                    Class Width     0.1400                                             Bin      Classes      relative frequency     Relative Frequency     accumulative Frequency     Cumulative Relative Frequency1     0.9600 < 1.1000     27     0.53     27     0.532     1.1000 < 1.2400     19     0.37    & nbsp46     0.903     1.2400 < 1.3800     4     0.08     50     0.984     1.3800 < 1.5200     0     0.00     50     0.985     1.5200 < 1.6601     1     0.02     51     1.00Histogram 1 (using 5 Classes)Estimate of the Number of Prices that are at least $1.15 using 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 only values that can be counted fall into bins three, four, and five. Even though bin two may contain values that are to a higher place 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)Range     0.70                     of Classes     15                    Class Width     0.0467                                             Bin      Classes     Frequency     Relative Frequency     Cumulative Frequency     Cumulative Relative Frequency1     0.9600 < 1.0067     4     0.08     4  & nbsp  0.082     1.0067 < 1.0534     13     0.25     17     0.333     1.0534 < 1.1001     14     0.27     31     0.614     1.1001 < 1.1468     5     0.10     36     0.715     1.1468 < 1.1935     5     0.10     41     0.806     1.1935 < 1.2402     5     0.10     46     0.907     1.2402 < 1.2869     1     0.02     47     0.928     1.2869 < 1.3336      3     0.06     50     0.989     1.3336 < 1.3803     0     0.00     50     0.9810     1.3803 < 1.4270     0     0.00     50     0.9811     1.4270 < 1.4737     0     0.00     50     0.9812     1.4737 < 1.5204     0     0.00     50     0.9813     1.5204 < 1.5671     0     0.00     50     0.9814     1.5671 < 1.6138     0     0.00    &nb sp50     0.9815     1.6138 < 1.6601     1     0.02     51     1.00Histogram 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.