Suppose the Average Price of Gasoline for a City in the United

question 111

Multiple Choice

Suppose the average price of gasoline for a city in the United States follows a continuous uniform distribution with a lower bound of $3.50 per gallon and an upper bound of $3.80 per gallon. What is the probability a randomly chosen gas station charges between $3.70 and $3.90 per gallon?

• A) 0.3000
• B) 0.3333
• C) 0.6667
• D) 1.0000

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Definitions:

Streetlights

Outdoor lighting installed along streets and in public areas to provide illumination during the night for visibility and safety.

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Businesses involved in the research, development, production, and marketing of drugs and medications.

Socially Optimal

A state of resource allocation where social welfare, typically measured in terms of efficiency and equity, is maximized.

Marginal Cost

The increase in total cost that arises from producing one additional unit of output.