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Five gasoline stations are located in a region such that any one station is exactly 1 mile away from at least two other stations. This
Five gasoline stations are located in a region such that any one station is exactly 1 mile away from at least two other stations. This is shown in the diagram to the right. You believe the following to be true about the distribution of prices that could be charged by any station (each price is equally likely): Price/gal. Pr(price) 2.00 0.20 2.20 0.20 1.80 0.20 1.60 0.20 2.40 0.20 If you seek to buy 20 gallons of gas, what is the total amount you expect to pay if you choose a station at random (time and travel costs are $0)? You expect to pay $ 40 for 20 gallons of gas. (round your answer to the nearest penny) 1 mile How much would you be willing to pay for information about the identity of a station charging $1.60 per gallon? You would be willing to pay $ for the information. (round your answer to the nearest penny)
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