SOLUTION: 20. The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40 (Bloomberg Businessweek, March 5�March 11, 2012). Assume these averages are

Question 869792: 20. The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40
(Bloomberg Businessweek, 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 charged more
than the mean price in the United States?

Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!



Hi

Russia: mean = 3.40, SD = .2

P(x < 3.50)=P(z <.1/.2) = P(z <.5)= .6915 , normal(-10,2)

69.15% of the gas stations in Russia charge less than $3.50 per gallon

P(x > 3.73)=P(z <.33/.2) = P(z > 1.65)= .0495  0r 4.95%  

RELATED QUESTIONS

Suppose that the mean retail price per gallon of regular grade gasoline in the United... (answered by Theo)
One gallon of gasoline in an automobile's engine produces on the average 9.5 kg of carbon  (answered by josmiceli)
the honda civic GX is the only car offered to consumers in the united states that runs on  (answered by josmiceli,stanbon)
The mean price of milk per gallon in the United States is $4.45 with a standard deviation  (answered by stanbon)
Based on annual driving of 15,000 miles and fuel efficiency of 20 mpg, a car in the... (answered by Theo)
Canada has a population of 33 million while Russia has 144 million inhabitants.... (answered by stanbon)
Suppose a study reports that the average price for a gallon of self-serve regular... (answered by ikleyn)
Gasoline accounts for 85% of the motor fuel consumed in the United States every day. If... (answered by checkley77)
A recent gasoline survey said that the national average price of gasoline was $1.498 a... (answered by CPhill)