The average price for a gallon of gasoline is $3.73 in the United States and $3.40 in
Question:
The average price for a gallon of gasoline is $3.73 in the United States and $3.40 in Russia (Bloomberg Business week, March 5–March 11, 2012). Assume these averages are the population means in the two countries and that the probability distributions are normally distributed with a standard deviation of $.25 in the United States and a standard deviation of $.20 in Russia.
a. What is the probability that a randomly selected gas station in the United States charges less than $3.50 per gallon?
b. What percentage of the gas stations in Russia charge less than $3.50 per gallon?
c. What is the probability that a randomly selected gas station in Russia charges more than the mean price in the United States?
Step by Step Answer:
Essentials Of Statistics For Business And Economics
ISBN: 9781305081598
7th Edition
Authors: David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam