During the past year, the daily price of gasoline per gallon at four local gas stations has
Question:
During the past year, the daily price of gasoline per gallon at four local gas stations has been approximately normally distributed. The four gasoline stations’ yearly data and current selling prices are listed below:
A citizen’s advocate accuses one of the stations of current price gouging (charging an unreasonably high price). Based on current selling prices, which station appears to be price gouging, relative to its annual mean price?
Transcribed Image Text:
Station Elm Street Third Avenue Devon Drive Morton Lane Mean Price 1.45 1.53 1.56 1.49 Standard Deviation of Price 0.08 0.11 0.12 0.13 Current Price 1.64 1.67 1.65. 1.62
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