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6. Suppose you were asked to calculate the probability that the price is greater than or equal to $2.75. Is this probability different from the one in question 5? Why or why not?

6. Suppose you were asked to calculate the probability that the price is greater than or equal to $2.75. Is this probability different from the one in question 5? Why or why not?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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I would like #6 answered please. I provided #5 so that you have all the info. 

**Gas Price Probability Analysis** According to AAA, the average price for a gallon of regular gas in North Carolina is $2.63. Assume that the gas price is normally distributed with a standard deviation of $0.17. **5. Calculate the probability that the price is greater than $2.75.** - P(x > 2.75) - Standardize the value: (2.75 - 2.63) / 0.17 = 0.71 - Determine the probability: P(z ≥ 0.71) - Use the complement rule: 1 - P(z ≤ 0.71) - P(z ≤ 0.71) = 0.7611 (from standard normal distribution table) - Result: 1 - 0.7611 = 0.2389 **6. Suppose you were asked to calculate the probability that the price is greater than or equal to $2.75. Is this probability different from the one in question 5? Why or why not?** The probability is not different because the probability of a continuous random variable being equal to a specific value is zero. Therefore, P(x > 2.75) is the same as P(x ≥ 2.75) in this context.
Transcribed Image Text:**Gas Price Probability Analysis** According to AAA, the average price for a gallon of regular gas in North Carolina is $2.63. Assume that the gas price is normally distributed with a standard deviation of $0.17. **5. Calculate the probability that the price is greater than $2.75.** - P(x > 2.75) - Standardize the value: (2.75 - 2.63) / 0.17 = 0.71 - Determine the probability: P(z ≥ 0.71) - Use the complement rule: 1 - P(z ≤ 0.71) - P(z ≤ 0.71) = 0.7611 (from standard normal distribution table) - Result: 1 - 0.7611 = 0.2389 **6. Suppose you were asked to calculate the probability that the price is greater than or equal to $2.75. Is this probability different from the one in question 5? Why or why not?** The probability is not different because the probability of a continuous random variable being equal to a specific value is zero. Therefore, P(x > 2.75) is the same as P(x ≥ 2.75) in this context.
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