Question

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.

1. What is the probability that a randomly selected gas station in the US charges less than $3.50?
2. What percentage of gas stations in Russia charge less than $3.50?
3. What is the probability that a randomly selected gas station in Russia charged more than the mean price in the US?

Answer 1