Chapter 3 Review Homework Question 13 Answer

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Chapter 3 Review Homework

13.  At one point the average price of regular unleaded gasoline was ​$3.48 per gallon. Assume that the standard deviation price per gallon is ​$0.05 per gallon and use​ Chebyshev’s inequality to answer the following.

​(a) What percentage 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 percentage of gasoline stations that had prices between ​$3.33 and ​$3.63​?

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This question is taken from Math 227 – Statistics » Summer 2021 » Chapter 3 Review Homework