What Is the Likelihood of Finding a Price of $3

question 82

Multiple Choice

What is the likelihood of finding a price of $3.68 or less for a gallon of gasoline from a normally distributed population of gas prices? Assume μ = $3.78 and σ = $0.05.

• A)0.4772
• B)0.0793
• C)0.4207
• D)0.0228

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Definitions:

Correlation Coefficient

A numerical measure that indicates the extent of a linear relationship between two variables, ranging from -1 to 1.

Independent Variable

The variable in an experiment that is manipulated or changed to observe its effect on the dependent variable.

Dependent Variable

In statistical modeling, this is the variable being tested and measured, often considered the outcome variable that researchers are interested in explaining or predicting.

Correlation Coefficient

A numerical measure that assesses the strength and direction of the linear relationship between two quantitative variables.