BUS 304 Homework Assignment #2, Due date: July 18, 2008Submitted by: (sign)Submission date: (sign)Problem #1: Given the following data on the gasoline prices, construct a bar chart that displays the data effectively. Year Average Unleaded Price Average Premium Price1999 $1.22 $1.342000 $1.29 $1.392001 $1.37 $1.482002 $1.21 $1.31Problem #2: Construct a line chart for the above figure. (The data should show two-lines for Unleaded and Premium, respectively) Problem #3: (Textbook 2.23, P55)Problem #4: (Textbook 2.42 (b) and (c), P64)Problem #5: (Textbook 2.9) Each month the American Automobile Association (AAA) generates a report on gasoline prices that they distribute to the newspapers throughout thestate. On February 17th, AAA called a random sample of 51 stations to determine the price of unleaded gasoline that day. The resulting data are shown as follows: 1.07 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 1.091.06a) Construct two histograms for this data set, using 5 classes for the first and 15 classes for the second. Use 0.95 as the lower limit of the first class.b) A local radio station has reported that 30% of the gas stations are charging $1.15 agallon or more for gasoline. (1) Use one of the histograms you have produced to respond to this report. (2) Which histogram did you use? Why? 1Problem #6 Five wheat farms have been selected at random from those in a particular county. The following crop yields (total bushels of wheat) are given for each of the five, along with the number of acres on each farm. Yield 15030 43400 10260 13200 89200Acres 80 60 75 55 140a) Compute the mean yield per farm for this sampleb) Compute the mean yield per acre for this sample.c) If the governor is considering the necessity of adopting new technologies which can improve the productivity, which mean yield does he care the most?Problem #7 (Book 3.26, page 103) (Hint, check whether it is sample or population data)Problem #8 (Book 3.12, page 93) question a) b) and d).Problem #9 A golf club has 15 members in Aug 2005. Below is the aggregate informationof the members’ annual income: Mean annual income: $80,000Median annual income: $60,000Mode annual income: $50,000 (3 members)Maximal annual income: $120,000Minimal annual income: $40,000a) Are the information above population parameters or sample statistics. Explain. b) Is the data symmetric, right skewed or left skewed? Explain.c) In Sep 2005, a new member joined the club. His annual income is $200,000. Whatis the new mean annual income in this club now?(3 points) And what is the new range of income? (3 points) And the new mode? (3