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Question

The Energy Information Administration reported that the mean retail price per gallon of regular-grade gasoline was $\$ 3.43$ (Energy Information Administration, July 2012). Suppose that the standard deviation was $\$ .10$ and that the retail price per gallon has a bell-shaped distribution.

a. What percentage of regular-grade gasoline sold for between $\$ 3.33$ and $\$ 3.53$ per gallon?

Solution

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Answered 1 year ago

Step 1

1 of 7It is assumed that the retail price of gasoline follows a normal distribution. The given mean retail price of gasoline is $3.43$ and the given standard deviation is $0.1$.

Our task is to find the percentage of gasoline that is sold in the range $\left[ 3.33,3.53 \right]$.

*How do we find this percentage using standard deviations?*

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