Question
In: Math
At one point the average price of regular unleaded gasoline was $3.53 per gallon. Assume that...
At one point the average price of regular unleaded gasoline was $3.53 per gallon. Assume that the standard deviation price per gallon is $0.07
per gallon and use Chebyshev's inequality to answer the following.
(a) What percentage of gasoline stations had prices within 3 standard deviations of the mean?
(b) What percentage of gasoline stations had prices within 2.5 standard deviations of the mean? What are the gasoline prices that are within 2.5 standard deviations of the mean?
(c) What is the minimum percentage of gasoline stations that had prices between $3.39 and $3.67?
(a) At least ___% of gasoline stations had prices within 3 standard deviations of the mean.(Round to two decimal places as needed.)
(b) At least ___% of gasoline stations had prices within 2.5 standard deviations of the mean.(Round to two decimal places as needed.)
The gasoline prices that are within 2.5 standard deviations of the mean are $_to $_.(Use ascending order.)
(c) ___% is the minimum percentage of gasoline stations that had prices between $ 3.39 and $3.67.
Solutions
milcah answered 1 year agoRelated Solutions
At one point the average price of regular unleaded gasoline was $3.543.54 per gallon. Assume that...
At one point the average price of regular unleaded gasoline
was
$3.543.54
per gallon. Assume that the standard deviation price per gallon
is
$0.080.08
per gallon and use Chebyshev's inequality to answer the
following.
(a) What percentage of gasoline stations had prices within
33
standard deviations of the mean?
(b) What percentage of gasoline stations had prices within
2.52.5
standard deviations of the mean? What are the gasoline prices
that are within
2.52.5
standard deviations of the mean?
(c) What...
The average price of a gallon of unleaded regular gasoline was reported to be $3.44 in...
The average price of a gallon of unleaded regular gasoline was
reported to be $3.44 in northern Kentucky. Use this price as the
population mean, and assume the population standard deviation is
$0.30.
What is the probability that the mean price for a sample of 50
service stations is within ±$.06 of the population mean?
What is the probability that the mean price for a sample of 100
service stations is within ±$.06 of the population mean?
The Wall Street...
1. The average price of a gallon of gasoline (regular unleaded) in 1976 was $0.64. In...
1.
The average price of a gallon of gasoline (regular unleaded) in
1976 was $0.64. In 1998 it was $1.06. The CPI factor in 1976 is
56.9 and the CPI factor in 1998 is 163.0. Convert the
1976 price to constant 1998 dollars. Was gas more expensive in 1976
or in 1998? Choose two correct answers.
Question 3 options:
Gas was more expensive in 1998.
Gas was more expensive in 1976.
The 1976 price in 1998 constant dollars is $1.83.
The...
Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline...
Suppose a study reports that the average price for a gallon of
self-serve regular unleaded gasoline is $3.76. You believe that the
figure is higher in your area of the country. You decide to test
this claim for your part of the United States by randomly calling
gasoline stations. Your random survey of 25 stations produces the
following prices.
$3.87
$3.89
$3.76
$3.80
$3.97
3.80
3.83
3.79
3.80
3.84
3.76
3.67
3.87
3.69
3.95
3.75
3.83
3.74
3.65
3.95
3.81...
Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline...
Suppose a study reports that the average price for a gallon of
self-serve regular unleaded gasoline is $3.76. You believe that the
figure is higher in your area of the country. You decide to test
this claim for your part of the United States by randomly calling
gasoline stations. Your random survey of 25 stations produces the
following prices.
$3.87
$3.89
$3.76
$3.80
$3.97
3.80
3.83
3.79
3.80
3.84
3.76
3.67
3.87
3.69
3.95
3.75
3.83
3.74
3.65
3.95
3.81...
) The most recent 30 days of the price per gallon of regular unleaded gas is...
) The most recent 30 days of the price per gallon of regular
unleaded gas is in the file. Using R code Please answer the
following questions.
a. Compute a forecast for the next day’s prices using a 3-day
Moving Average model. What is the forecast? What is the MSE for the
last five observations?
b. Can you reduce the MSE for the last five observations by
changing the movingaverage window? (Hint: Try 4-10 day windows)
c. Compute a forecast...
The mean price for regular gasoline at the pump was $2.877 per gallon and the standard...
The mean price for regular gasoline at the pump was $2.877 per
gallon and the standard deviation was $0.009 per gallon. A random
sample of size 55 is drawn from this population. What is the
probability that the mean price per gallon is less than $2.876?
D. Suppose a nationwide study reports that the average price for a gallon of self-serve regular unleaded...
D. Suppose
a nationwide study reports that the average price for a gallon of
self-serve regular unleaded gasoline is $3.76. You believe that the
figure is higher in your area of the country. You decide to test
this claim for your part of the United States by randomly calling
gasoline stations. Your random survey of 25 stations produces the
following prices as shown in the table. Assume gasoline prices for
a region are normally distributed. Do the data you obtained provide...
The average retail price of regular gasoline used by motor vehicles decreased from $3.85 per gallon...
The average retail
price of regular gasoline used by motor vehicles decreased from
$3.85 per gallon in March 2012 to $1.76 per gallon in February
2016. The following may or may not be a reason for this decline.
Using demand and supply analysis, explain why or why not.
(1)
Use of a new technology called “fracking” to extract oil from the
ground
(2)
The economies in most of Europe were deteriorating and heading
toward a recession
(3)
OPEC, the cartel...
1). During January of 2007, the average price of regular unleaded gasoline in Oakland, California increased...
1). During January of 2007, the average price of regular
unleaded gasoline in Oakland, California increased 11.0 percent. If
the price elasticity of demand for gasoline was 0.13, the price
hike means that the quantity demanded decreased by.
6.46 percent
8.46 percent
1.43 percent
4.31 percent
0.16 percent
2). If a 4 percent change in the price of a good leads to a 3
percent change in quantity demanded, the price elasticity of demand
equals
1.33.
4.00.
0.75.
3.44.
None...
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