Score: 0 of 1 pt 1 5015(4 complete) HW Score: 3.2.35 At one point the average pr

Question

Score: 0 of 1 pt 1 5015(4 complete) HW Score: 3.2.35 At one point the average price of regudar unleaded gasoline was $3.41 per gallon. Assume that the standard deviation percentage of gasoline stations had prices within 2 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 percentage of gasoline stations that had prices between $3 17 and $3 657 (a) At least%ofgasoline statens had prices wehin 2 standard deviations of the men (Round to two decimal places as needed )

Explanation / Answer

Solution:

a) According to CHEBYSHEV'S theorem, at least 1-1/2^2 = 0.75 (75%) of the gas stations had prices within 2 standard deviations of the mean.

b) According to CHEBYSHEV'S theorem, at least 1-1/1.5^2 = 0.555 (55.5%) of the gas stations had prices within 1.5 standard deviations of the mean.

c) According to CHEBYSHEV'S theorem, at least 1-1/k^2 of the gas stations had prices within k standard deviations of the mean.

mean - k sd = 3.41 -0.06 k = 3.17
-0.06 k = -0.24
k = 4

mean + k sd = 3.41 + 0.06 k = 3.65
0.06 k = 0.24
k = 4

1-1/k^2 = 1-1/4^2 = 1-1/16 = 15/16 = 93.75%
The minimum % of gasoline station that had prices between 3.17 and $3.65

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