A gas station sells gasoline at the following prices (in
Chapter 0, Problem 7.37(choose chapter or problem)
A gas station sells gasoline at the following prices (in cents per gallon, depending on the type of gas and service): 315.9, 318.9, 329.9, 339.9, 344.9, and 359.7. Let y denote the price per gallon paid by a randomly selected customer. a. Is y a discrete random variable? Explain. b. Suppose that the probability distribution of y is as follows: y 315.9 318.9 329.9 339.9 344.9 359.7 p(y) .36 .24 .10 .16 .08 .06 What is the probability that a randomly selected customer has paid more than $3.20 per gallon? Less than $3.40 per gallon? c. Refer to Part (b), and calculate the mean value and standard deviation of y. Interpret these values.
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