The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40 (Bloomberg Businessweek, March 5 March 11, 2012). Assume these averages are the population means in the two countries and that the probability distributions are normally distributed with a standard deviation of $.25 in the United States and a standard deviation of $.20 in Russia. What is the probability that a randomly selected gas station in the United States charges less than $3.50 per gallon? What percentage of the gas stations in Russia charge less than $3.50 per gallon? What is the probability that a randomly selected gas station in Russia charged more than the mean price in the United States?

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The average price for a gallon of gasoline in the United States is $3.73 and in Russia it is $3.40 (Bloomberg Businessweek, March 5 March 11, 2012). Assume these averages are the population means in the two countries and that the probability distributions are normally distributed with a standard deviation of $.25 in the United States and a standard deviation of $.20 in Russia.  What is the probability that a randomly selected gas station in the United States charges less than $3.50 per gallon?  What percentage of the gas stations in Russia charge less than $3.50 per gallon?  What is the probability that a randomly selected gas station in Russia charged more than the mean price in the United States?

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Step 1 It is given that average price of gasoline in the US is $3.73 with a standard deviation of $0.25 and average price of gasoline in Russia is $3.40 with a standard deviation of $0.20. a. Calculating the probability that a randomly selected gas station in the US charges less than $3.50 per gallon: The random variable X denotes the price of gasoline in US. The required probability is calculated as follows: P(X&amp;lt;3.50)=0.1788 [using EXCEL formula, &quot;=NORM.DIST(3.50,3.73,0.25,1)&quot;] Step 2 b. Calculating the probability that a randomly selected gas station in Russia charges less than $3.50 per gallon: The random variable Y denotes the price of gasoline in Russia. The required probability is calculated as follows: P(Y&amp;lt;3.50)=0.6915 [using EXCEL formula, &quot;=NORM.DIST(3.50,3.40,0.20,1)&quot;] The 69.15% of gas station charge less than $3.50 per gallon in Russia. Step 3 c. Calculating the probability that gas station in Russia charged more than the mean price of the United States: The mean price in United States is $3.73. The required probability is calculated as follows: P(Y&amp;gt;3.73)=0.0495 [using EXCEL formula, &quot;=1-NORM.DIST(3.73,3.40,0.20,1)&quot;]

The average price for a gallon of gasoline in the United States is $3.

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