PLEASE SHOW BOTH MANUAL AND HOW TO WORK THE PROBLEMS USING EXCEL! The average pr

Question

PLEASE SHOW BOTH MANUAL AND HOW TO WORK THE PROBLEMS USING EXCEL! 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. a. What is the probability that a randomly selected gas station in the United States charges less than $3.50 per gallon? b. What percentage of the gas stations in Russia charge less than $3.50 per gallon? c. What is the probability that a randomly selected gas station in Russia charged more than the mean price in the United States?

Explanation / Answer

a)

b)

for Russia:

c)

here mean price differnce =3.73-3.40 =0.33

and std deviaiton =(0.252+0.22)1/2 =0.320

hence probability that a randomly selected gas station in Russia charged more than the mean price in the United States

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