Asked by
Austin Shanu Binu Sheela
on Oct 30, 2024
Verified
What is the likelihood of finding a price between $3.71 and $3.85 for a gallon of gasoline from a normally distributed population of gas prices? Assume μ = $3.78 and σ = $0.05.
A) 0.4974
B) 0.9948
C) 0.8385
D) 0.2487
Normally Distributed
Relates to a distribution that follows a normal distribution, with data symmetrically distributed around the mean.
Gasoline Prices
The cost per unit volume of gasoline, which can fluctuate based on several factors including crude oil prices, demand, taxes, and regulations.
- Evaluate the probabilities and parameters (mean, variance, expected value) for a range of probability distributions.
- Make use of the attributes and calculation methods inherent to the standard normal distribution, involving z-scores and probability estimations.
Verified Answer
CP
Learning Objectives
- Evaluate the probabilities and parameters (mean, variance, expected value) for a range of probability distributions.
- Make use of the attributes and calculation methods inherent to the standard normal distribution, involving z-scores and probability estimations.