You have been told that the distribution of regular unleaded gasoline prices over all gas stations in

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You have been told that the distribution of regular unleaded gasoline prices over all gas stations in Indiana is normally distributed with mean $1.25 and standard deviation $.075, and you have been asked to find two dollar values such that 95% of all gas stations charge somewhere between these two values. Why are each of the following acceptable answers: between $1.076 and $1.381, or between $1.103 and $1.397? Can you find any other acceptable answers? Which of the many possible answers would you prefer if you are asked to obtain the shortest such interval?

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Managerial Statistics

ISBN: 9780534389314

1st Edition

Authors: S. Christian Albright, Wayne L. Winston, Christopher Zappe

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