At one point the average unleaded gasoline was $3.41 per gallon. Assume that the

Question

At one point the average unleaded gasoline was $3.41 per gallon. Assume that the standard deviation price per gallon in $0.05 per gallon and use Chebyshev's inequality answer the following.

a) What % of gasoline stations had prices within 4 standard deviations of the mean?

b) What percentage of gasoline stations had prices within 1.5 standard deviations of the mean?

What are the gasoline prices that are within 1.5 standard deviations of the mean?

c) What is the minimum % of gasoline stations that had prices between $3.31 and $3.51?

Explanation / Answer

a)

b)

c)

3.41 - x*0.05 = 3.31

x = 2

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