The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40 (Bloomberg Businessweek, 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. What is the probability that a randomly selected gas station in the United States charges less than $3.50 per gallon? What percentage of the gas stations in Russia charge less than $3.50 per gallon? What is the probability that a randomly selected gas station in Russia charged more than the mean price in the United States?
The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40 (Bloomberg Businessweek, March 5–March 11, 2012). Assume these averages are the population means in the two countries and that the
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What is the probability that a randomly selected gas station in the United States charges less than $3.50 per gallon?
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What percentage of the gas stations in Russia charge less than $3.50 per gallon?
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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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