Question

Suppose that the price of a gallon of gasoline is normally distributed with a mean of...

Suppose that the price of a gallon of gasoline is normally distributed with a mean of 3.73 dollars and a standard deviation of 0.25 dollars. What is the probability that a gas station charges less than or equal to 3.50 dollars per gallon?

Use the information from Question 3. What is the probability that a gas station charges between 3.25 and 4 dollars per gallon?

Use the information from Question 3. What is the probability that a gas station charges at least 4 dollars per gallon?

Use the information from Question 3. What is the 30.5th percentile of the gas prices?

Use the information in Question 3. How expensive must a gas station's gas be in order for it to be in the top 1.5 percent of all gas prices?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
At one point the average price of regular unleaded gasoline was ​$3.43 per gallon. Assume that...
At one point the average price of regular unleaded gasoline was ​$3.43 per gallon. Assume that the standard deviation price per gallon is ​$0.09 per gallon and use​ Chebyshev's inequality to answer the following. along with these areas (a) What percentage of gasoline stations had prices within 3 standard deviations of the​ mean? ​(b) What percentage of gasoline stations had prices within 2.5 standard deviations of the​ mean? What are the gasoline prices that are within 2.5 standard deviations of...
The following data apply to a few questions below. Assume that the average price for a...
The following data apply to a few questions below. Assume that the average price for a gallon of gas in the US is $3.73 and the equivalent of $3.40 in Russia. (It was in March 2012.) Assume these figures are the population means (not a sample) and that the distributions can be described as a normal distribution. The σ = $0.25 in the US and σ = $0.20 in Russia. What is the probability that a randomly selected gas station...
At one point the average price of regular unleaded gasoline was ​$3.58 per gallon. Assume that...
At one point the average price of regular unleaded gasoline was ​$3.58 per gallon. Assume that the standard deviation price per gallon is ​$0.05 per gallon and use​Chebyshev's inequality to answer the following. ​(a) What percentage of gasoline stations had prices within 33 standard deviations of the​ mean? ​(b) What percentage of gasoline stations had prices within 1.5 standard deviations of the​ mean? What are the gasoline prices that are within 1.5 standard deviations of the​ mean? ​(c) What is the minimum percentage...
The price of mid-grade gasoline is best characterized as having a normal distribution with mean a...
The price of mid-grade gasoline is best characterized as having a normal distribution with mean a mean of 275 cents per gallon and a standard deviation of 11. Find the probability that the mid-grade gasoline at a randomly selected gas station is priced higher than 287 cents per gallon. Round to 4 decimal places
At one point the average price of regular unleaded gasoline was ​$3.443.44 per gallon. Assume that...
At one point the average price of regular unleaded gasoline was ​$3.443.44 per gallon. Assume that the standard deviation price per gallon is ​$0.04 per gallon and use​ Chebyshev's inequality to answer the following. ​(a) What percentage of gasoline stations had prices within 4 standard deviations of the​ mean? ​(b) What percentage of gasoline stations had prices within 2.5 What are the gasoline prices that are within 2.5 standard deviations of the​ mean? ​(c) What is the minimum percentage of...
Sophie has $ 76, the price of gasoline is $4 per gallon and the price of...
Sophie has $ 76, the price of gasoline is $4 per gallon and the price of food is $20 per meal. Use the information in the following table to analyze her choice. Gas Marginal Utility of Gas Marginal Utility of Gas over the price of Gas Food Marginal Utility of Food Marginal Utility of Food over the price of Food 1 120 1 600 2 116 2 560 3 112 3 500 4 100 4 460 5 92 5 360...
At one point the average price of regular unleaded gasoline was ?$3.57 per gallon. Assume that...
At one point the average price of regular unleaded gasoline was ?$3.57 per gallon. Assume that the standard deviation price per gallon is ?$0.07 per gallon and use? Chebyshev's inequality to answer the following. ?(a) What percentage of gasoline stations had prices within 4 standard deviations of the? mean? ? (b) What percentage of gasoline stations had prices within 2.5 standard deviations of the? mean? What are the gasoline prices that are within 2.5 standard deviations of the? mean? ?...
At one point the average price of regular unleaded gasoline was $3.47 per gallon. Assume that...
At one point the average price of regular unleaded gasoline was $3.47 per gallon. Assume that the standard deviation price per gallon is $0.07 per gallon and use chebyshev's inequality to answer the following. (a) What percentage of gasoline stations had prices within 3 standard deviations of the mean? (b)What percentage of gasoline stations had prices within 2.5 standard deviations of the mean? (c) What is the minimum percentage of gasoline stations that had prices between $3.33 and $3.61?
At one point the average price of regular unleaded gasoline was ​$3.72 per gallon. Assume that...
At one point the average price of regular unleaded gasoline was ​$3.72 per gallon. Assume that the standard deviation price per gallon is ​$0.06 per gallon and use​ Chebyshev's inequality to answer the following. (a) What percentage of gasoline stations had prices within 2 standard deviations of the​ mean? ​(b) What percentage of gasoline stations had prices within 2.5 standard deviations of the​ mean? What are the gasoline prices that are within 2.5 standard deviations of the​ mean? ​(c) What...
At one point the average price of regular unleaded gasoline was ​$3.42 per gallon. Assume that...
At one point the average price of regular unleaded gasoline was ​$3.42 per gallon. Assume that the standard deviation price per gallon is ​$0.06 per gallon and use​ Chebyshev's inequality to answer the following. ​(a) What percentage of gasoline stations had prices within 33 standard deviations of the​ mean? ​(b) What percentage of gasoline stations had prices within 2.5 standard deviations of the​ mean? What are the gasoline prices that are within 2.5 standard deviations of the​ mean? ​(c) What...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT