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<u>Use Chebyshev's Theorem to 88.89 % </u><u> the percentage of gasoline stations that had prices within 3 standard deviation of the mean.</u>
What is the Chebyshev's theorem?
- Chebyshev's Theorem estimates the minimum proportion of observations that fall within a specified number of standard deviations from the mean.
- This theorem applies to a broad range of probability distributions.
- Chebyshev's Theorem is also known as Chebyshev's Inequality.
By Chebyshev's inequality, for any distribution at least
* 100 percentage of values falls within k standard deviation about mean .
here k=3 . Apply this to equation and find percentage that falls within 3 standard deviation about mean.
= 88.89
So, 88.89 % of gasoline station had price within 3 standard deviation about mean .
Learn more about Chebyshev's inequality
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