The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40 ( Bloomberg Busillessweek, March 5-March 11, 2012). Assume these averages are the population means in the two countries and that the probability distributions are normally distributed with a standard deviation of $.25 in the United States and a standard deviation of $.20 in Russia. a. What is the probability that a randomly selected gas station in the United States charges less than $3.50 per gallon? b. What percentage of the gas stations in Russia charge less than $3.50 per gallon? c. What is the probability that a randomly selected gas station in Russia charged more than the mean price in the United States?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.