The price of natural gas varies from country to country. Suppose the country price is normally...

The price of natural gas varies from country to country. Suppose the country price is normally distributed with a mean of $5 per thousand cubic feet and standard deviation of $0.8.

(a) What is the first quartile of the price of natural gas? What is the 95th percentile of the price of natural gas? Show your work.

(b) We are analyzing a group of seven countries. What is the probability that the price of natural gas would exceed $5 in more than five of those countries? Show your work.

(c) Take two countries and assume that their prices of natural gas are independent. What is the probability that the price of gas is lower than $4 in at least one of them?

Expert Solution

orchestra answered 2 years ago

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