Suppose the average price of gasoline in Indiana is currently $2.56 with a stand

Question

Suppose the average price of gasoline in Indiana is currently $2.56 with a standard deviation of $0.14. Assume a normal distribution. 1) What is the probability that a randomly selected gas station in Indiana is charging less than $2.35 per gallon? Do not convert to the standard normal distribution to answer this question. Enter calculation in cell B18. 2) What is the probability that a randomly selected gas station in Indiana is charging more than $2.75 per gallon? Do not convert to the standard normal distribution to answer this question. Enter calculation in cell B19 3) Compute the z-score for a value of $2.75. Enter your calculation in cell B20 4) Confirm your answer from question #19 but use the Standard Normal Distribution formula instead. Enter your calculation in cell B21. 5) What percentage of gas stations in Indiana are charging within $0.10 of the population mean? Enter your calculation in cell B24 6) Above what price do the top 5% most expensive gas stations in Indiana charger Enter your calculation in cell B25 7) The average price in Ohio is $2.49. What percentage of Indiana gas stations are charging below Ohio's mean price? Enter calculation in Cell B26. 8a) What percentage of Indiana gas stations are selling gasoline at a price less than one standard deviation below the mean? Do NOT use the standard normal distribution for this question. Enter your calculation in Cell B27 8b) Repeat question 8a, but use the standard normal distribution this time. Note: you will first need to determine the appropriate z value. Enter your calculation in Cell C27 P 2.35) P( 2.75) Z-score P(>2.75) Z-score P(mean+/-0.10) top 596 charging P Ohio mean) Pct.1 stdev below

Explanation / Answer

a) P(<2.35) = NORM.DIST(2.35,2.56,0.14,TRUE)

b) P(>2.75) = 1-NORM.DIST(2.75,2.56,0.14,TRUE)

c) Z score = (2.75-2.56)/0.14

d) P(>2.75) = 1-NORMSDIST(B20)

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