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 agallon 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 determinethe 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.)

Answered: Image /qna-images/answer/48457017-4933-451e-926c-f3f2a80efad1.jpg

Answered: An analyst at a management consultancy…

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...

See similar textbooks

Similar questions

Suppose that the value of a stock varies each day from $12.22 to $45.34 with a uniform distribution.Given that the stock is greater than $21, find the probability that the stock is more than $31. Give your answer accurate to four decimal places.
Classify each statement as an ability, empirical probability, or subjective probability. example of classical prob- Tho probobility tbot a nerson will vatch the 6 o'clock
The reported cancer rates for men ages 65 and older is 23%. Assume this estimate is the true population proportion of men ages 65 and older who have been diagnosed with some form of cancer. A SRS of 25 men ages 65 and older is taken. Calculate the probability that proportion of men ages 65 and older who have been diagnosed with some form of cancer is more than 0.30. (The answer has to be either A or B) A. 0.2033 B. 0.2236
help pls
It has been estimated that only about 25% of residents in Ventura County have adequate earthquake supplies. Suppose you randomly survey 5 residents in the County. Let X be the number of residents who have adequate earthquake supplies. Please show the following answers to 4 decimal places. a. What is the probability that exactly 2 residents who have adequate earthquake supplies in this survey? b. What is the probability that less than 2 residents who have adequate earthquake supplies in this survey? c. What is the probability that at most 2 residents who have adequate earthquake supplies in this survey? d. What is the probability that between 1 and 3 (including 1 and 3) residents who have adequate earthquake supplies in this survey?
Determine the following probabilities. Leave your answer as a percent to the nearest tenth (one decimal after converting to %). The probability of spinning an even number or multiple of 5 on the equal section spinner with numbers 1-20. Leave your answer as a percent to the nearest tenth (one decimal) after converting to %. You can leave out the % sign.
An insurance company issues a policy for a diamond ring worth $15,000 for an annual premium of $225.00. If the company figures the probability of the ring to be lost or damaged is 0.005, what is the company's expected profit? Round your answer to nearest cent. (e.g. $135.789 would enter as 135.79)
I need help with this problem.
The police have estimated that there are twelve major accidents per day on a particular 10-mile stretch of a national highway. Suppose the incidence of accidents is evenly distributed on this 10-mile stretch of the highway. a. Find the probability that there will be fewer than eight major accidents in this 10-mile stretch of the highway. (Do not round intermediate calculations. Round your final answer to 4 decimal places.) Probability b. Find the probability that there will be more than two accidents in a 1-mile stretch of this highway. (Do not round intermediate calculations. Round your final answer to 4 decimal places.) Probability
The probability that a house in an urban area will be burglarized is 5%. If 20 houses are randomly selected, what is the mean of the number of houses burglarized? O A. 0.5 OB. 10 O C. 1 O D. 1.5 C
Imagine that the intake of an adult follows a uniform distribution from 40 to 65 micrograms. What is the probability that a randomly chosen adult takes an intake of 55 to 60 micrograms. a. 0.225 b. 0.25 c. 0.30 d. 0.2

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS