Answered: The amount of gasoline in gallons sold…

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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The amount of gasoline in gallons sold by three different gas stations during one day is given by the independent random variables X1,X2, X3 each with a normal distribution. X1 has a mean μ1 =700 and standard deviation σ1 = 55; X2 has mean μ2 =700 and standard deviation σ2 = 65; X3 has mean μ3=900 and standard deviation σ3 = 100. Suppose the prices per gallon are $2.90, $3.00 and $3.10 for X1, X2, and X3 respectively. Find the probability that the combined revenue for a given day is less than $6000. Use the z-score table. Round answer to the nearest hundredth.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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