An analyst at a management consultancy is studying the price of gasoline at gas stations in a large U.S. metropolitan area. Suppose that the price of a gallon of gasoline can be anywhere between $2.75 and $3.65 with equal probability. a. Compute the probability that for a randomly-chosen gas station, the price of gasoline is within s0.4 away from the population mean. (Round to two decimal places.) b. Let "overpriced" denote gas stations whose gasoline price is in the top 20% of gas prices. What is the gasoline price that would help you determine the set of "overpriced" gas stations? (Round to two decimal places.) C. A sample of 65 gas stations is taken, What is the chance that at most 9 of those are "overpriced? Use correction for continuity (Round to two decimal places.)
An analyst at a management consultancy is studying the price of gasoline at gas stations in a large U.S. metropolitan area. Suppose that the price of a gallon of gasoline can be anywhere between $2.75 and $3.65 with equal probability. a. Compute the probability that for a randomly-chosen gas station, the price of gasoline is within s0.4 away from the population mean. (Round to two decimal places.) b. Let "overpriced" denote gas stations whose gasoline price is in the top 20% of gas prices. What is the gasoline price that would help you determine the set of "overpriced" gas stations? (Round to two decimal places.) C. A sample of 65 gas stations is taken, What is the chance that at most 9 of those are "overpriced? Use correction for continuity (Round to two decimal places.)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Transcribed Image Text:An analyst at a management consultancy is studying the price of gasoline at gas stations in a large U.S. metropolitan area. Suppose that the price of a
gallon of gasoline can be anywhere between $2.75 and $3.65 with equal probability.
a. Compute the probability that for a randomly-chosen gas station, the price of gasoline is within s0.4 away from the population mean.
(Round to two decimal places.)
b. Let "overpriced" denote gas stations whose gasoline price is in the top 20% of gas prices. What is the gasoline price that would help you determine
the set of "overpriced" gas stations?
(Round to two decimal places.)
C. A sample of 65 gas stations is taken, What is the chance that at most 9 of those are "overpriced? Use correction for continuity
(Round to two decimal places.)
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