SOLUTION: The average price of a gallon of regular unleaded gasoline in the U.S was reported to be $2.34. Use this price as population mean and assume that the population standard deviation
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Question 1011937: The average price of a gallon of regular unleaded gasoline in the U.S was reported to be $2.34. Use this price as population mean and assume that the population standard deviation is $0.20. For 100 service stations randomly selected in a sample:
i) What is the probability that the mean price is above $2.40 of the population mean
ii) What is the probability that the mean price is below $2.30 of the population mean
iii) What is the probability that the mean price is within $0.03 of the population mean Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! z=(value-mean)/s/sqrt(n)
=(2.40-2.34)/0.20)/10
=0.06*10/0.2
=>3
The probability is 0.0013
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For ii
-0.04*10/0.2=z < -2, or 0.0228
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For iii
0.03*10/0.2
|z|<1.5
P=0.8664
