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This question is based on the monthly retail prices, in Canadian dollars per kilogram, for apples and oranges, for the period October 2018-October 2021, provided
This question is based on the monthly retail prices, in Canadian dollars per kilogram, for apples and oranges, for the period October 2018-October 2021, provided by Statistics Canada. The prices of apples and oranges are each random variables. Since apples and oranges are grown in different parts of the world, other things being equal, their prices are approximately independent. For the given time period, both price distributions are (approximately) normal. For apples, the mean is $4.55, and the standard deviation is $0.22. For oranges, the mean is $3.73 per kilogram and the standard deviation is $0.16. Assuming that all distributions are normal, answer the following questions. (a) What is the difference in price (in dollars) between apples and oranges? Mean = (Round your answer to two (2) decimal places). (b) What is the standard deviation for the normal distribution of differences in price between apples and oranges? Standard Deviation = (Round your answer to two (2) decimal places). Now you will find the probability that the price per kilogram of apples exceeds the price per kilogram of oranges by less than $1.00. (You will do this in parts.) (c) Which of the following notations represents the probability described above? O A. P(Oranges - Apples
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