ind the probability and interpret the results. If convenient, use technology to find the probability During a certain week the mean price of gasoline was $2.717 per gallon. A random rawn from this population. What is the probability that the mean price for the sample was between $2.696 and $2.727 that week? Assume o = $0.043. E Click the icon to view page 1 of the standard normal table. Click the icon to view page 2 of the standard normal table. e probability that the sample mean was between $2.696 and $2.727 is. ound to four decimal places as needed) erpret the results. Choose the correct answer below. A. About 8% of the population of 36 gas stations that week will have a mean price between $2.696 and $2.727. B. About 92% of samples of 36 gas stations that week will have a mean price between $2.696 and $2.727. C. About 92% of the population of 36 gas stations that week will have a mean price between $2.696 and $2.727 D Ahout 8% of samples of 36 gas stations that week will have a mean price between $2.696 and $2.727
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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