SOLUTION: The Energy Information Administration records the price of electricity in the United States each month. In July 2013, the average price of electricity was 12.56 cents per kilowatt
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Question 1182781: The Energy Information Administration records the price of electricity in the United States each month. In July 2013, the average price of electricity was 12.56 cents per kilowatt-hour. Suppose that the standard deviation is 1.30 cents per kilowatt-hour. What can you determine about these data by using Chebyshev's Inequality with K=2? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! That no more than 1/4 of the values can be more than 2 sd from the mean.
Therefore, at least 3/4 of the values, and possibly more are within 12.56+/- 2(1.30) cents/kwh.
One can also say that a maximum of 1/4 of the values are more than 2 sd from the mean.
