In December 2018, the average price of regular unleaded gasoline excluding taxes in the United States was $3.06 per gallon. Assume that the standard deviation price per gallon is $0.05 per gallon and use Chebyshev's Inequality to answer the following. (a) What minimum percentage of gasoline stations had prices within 3 standard deviations of the mean? (b) What minimum percentage of gasoline stations had prices within 2.5 standard deviations of the mean? What are the gasoline prices that are wit 2.5 standard deviations of the mean? (c) What is the minimum percentage of gasoline stations that had prices between $2.96 and $3.16?
In December 2018, the average price of regular unleaded gasoline excluding taxes in the United States was $3.06 per gallon. Assume that the standard deviation price per gallon is $0.05 per gallon and use Chebyshev's Inequality to answer the following. (a) What minimum percentage of gasoline stations had prices within 3 standard deviations of the mean? (b) What minimum percentage of gasoline stations had prices within 2.5 standard deviations of the mean? What are the gasoline prices that are wit 2.5 standard deviations of the mean? (c) What is the minimum percentage of gasoline stations that had prices between $2.96 and $3.16?
MATLAB: An Introduction with Applications
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Author:Amos Gilat
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I'm not sure what Chebyshev's Inequality is or how it's used here, thank you.
![In December 2018, the average price of regular unleaded gasoline excluding taxes in the United States was $3.06 per gallon. Assume that the
standard deviation price per gallon is $0.05 per gallon and use Chebyshev's Inequality to answer the following.
(a) What minimum percentage of gasoline stations had prices within 3 standard deviations of the mean?
(b) What minimum percentage of gasoline stations had prices within 2.5 standard deviations of the mean? What are the gasoline prices that are within
2.5 standard deviations of the mean?
(c) What is the minimum percentage of gasoline stations that had prices between $2.96 and $3.16?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcbaaf3a5-97a4-44d4-82b4-c685cbb2fa1a%2Feeb124fd-d03c-4adb-9d86-69ff5feb3d14%2F3q8qvce_processed.png&w=3840&q=75)
Transcribed Image Text:In December 2018, the average price of regular unleaded gasoline excluding taxes in the United States was $3.06 per gallon. Assume that the
standard deviation price per gallon is $0.05 per gallon and use Chebyshev's Inequality to answer the following.
(a) What minimum percentage of gasoline stations had prices within 3 standard deviations of the mean?
(b) What minimum percentage of gasoline stations had prices within 2.5 standard deviations of the mean? What are the gasoline prices that are within
2.5 standard deviations of the mean?
(c) What is the minimum percentage of gasoline stations that had prices between $2.96 and $3.16?
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