Justify your answers and detail your calculations briefly.
Answers should be brief and well described.
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Question 3:
The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40 (Bloomberg Business week, 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?
What is the probability that a randomly selected gas station in Russia charged more than the mean price in the United States?
c. What is the probability that a randomly selected gas station in Russia charged more than the mean price in the United States?
