Suppose that the average price for a gallon of gasoline in the Country A is $2.78 and in Country B it is $2.45. Assume these averages are the population means in the two countries and that the probability distributions are normally distributed with a standard deviation of $0.25 in the Country A and a standard deviation of $0.20 in Country B.(a) What is the probability that a randomly selected gas station in Country A charges less than $2.50 per gallon? (Round your answer to four decimal places.) .1314 (b) What percentage of the gas stations in Country B charge less than $2.50 per gallon? (Round your answer to two decimal places.) .60 X % (c) What is the probability that a randomly selected gas station in Country B charged more than the mean price in the Country A? (Round your answer to four decimal places.) .0495



Answer :

Answer:

  • (a) 0.1314
  • (b) 59.87%
  • (c) 0.0495

Step-by-step explanation:

Given μA = $2.78, σA = $0.25, μB = $2.45, σB = $0.20, you want ...

  • p(A < $2.50)
  • p(B < $2.50)
  • p(B > $2.78)

Probability

The probabilities of interest are found using the CDF function of a suitable calculator or spreadsheet.

(a) P(A < $2.50) ≈ 0.1314

(b) P(B < $2.50) ≈ 59.87%

(c) P(B > $2.78) ≈ 0.0495

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Additional comment

We note that you have provided your own answers to these questions. The answer you give for question B is not given as the percentage requested.

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