Question
At one point the average price of regular unleaded gasoline was $3.53 per gallon. Assume that the standard deviation price per gallon is $0.04 per
At one point the average price of regular unleaded gasoline was $3.53 per gallon. Assume that the standard deviation price per gallon is $0.04 per gallon and useChebyshev's inequality to answer the following.
(a) What percentage of gasoline stations had prices within 2 standard deviations of themean?
(b) What percentage of gasoline stations had prices within 1.5standard deviations of themean?
What are the gasoline prices that are within 1.5 standard deviations of themean?
(c) What is the minimum percentage of gasoline stations that had prices between
$3.41 and $3.65?
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Managerial Economics and Organizational Architecture
Authors: James Brickley, Clifford W. Smith Jr., Jerold Zimmerman
6th edition
73523143, 73523149, 978-0073523149
