Question

2A) (3 pts.) Compute the following for the variable "Range": * (mean) s (std dev) 2B) [2 pts.] Are there any unusual values for the variable “Range"? Explain. 3) [10 pts.] The average price for California Retail Gasoline Prices (Regular) from December 30, 2019 to June 1", 2020 has a mean of $3.086 and standard deviation of $0.320. Compute the values for 1, 2 and 3 standard deviations from this set of data: x Use the Empirical Rule to approximate: A) the percent of retail gasoline prices for regular gasoline between $2.766 and $3.406 B) the percent of retail gasoline prices for regular gasoline less than $2.126 C) the percent of retail gasoline prices for regular gasoline between $2.126 and $4.046

Answer 1

3)

MEAN = 3.086

STD DEV =0.32

X̄ ± 1 * s = (	2.766	,	3.406	)
X̄ ± 2 * s = (	2.446	,	3.726	)
X̄ ± 3 * s = (	2.126	,	4.046	)

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ACCORDING TO EMPERICA RULE

ALMOST 68% WILL LIE WITHIN RANGE OF (2.766   ,   3.406   )

ALMOST 0.00135 WILL LIE LESS THAN 2.126

ALMOST 99.7% WILL LIE BETWEEN (2.126   ,   4.046)

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