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

Algebra ->  Probability-and-statistics -> 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      Log On


   

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) About Me  (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%