Asked by
James Nacar
on Oct 30, 2024
Verified
What is the likelihood of finding a price between $3.68 and $3.85 for a gallon of gasoline from a normally distributed population of gas prices? Assume μ = $3.78 and σ = $0.05.
A) 0.058
B) 0.8965
C) 1.0
D) 0.2257
Normally Distributed
This describes a type of continuous probability distribution for a real-valued random variable where data is symmetrically distributed around the mean.
Gasoline Prices
The cost per unit volume of gasoline, typically influenced by supply and demand factors, taxation, and global oil prices.
- Ascertain the chances and specifications (average, spread, forecasted value) for assorted probability distributions.
- Execute the procedures and arithmetic related to standard normal distribution, incorporating assessments of z-values and probabilities.
Verified Answer
DG
Learning Objectives
- Ascertain the chances and specifications (average, spread, forecasted value) for assorted probability distributions.
- Execute the procedures and arithmetic related to standard normal distribution, incorporating assessments of z-values and probabilities.