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Default Populating column with a logical function

I need to populate a column , using data from two other colums with numeric
values. The third column should be populated as following:

If value x from colum1 is smaller than 1.5 and the value y of column 2 is
lower than 3, populate the third column with the string value "110-80", and
if value x from colum1 is higher than 1.5 and smaller than 15 and the value
y of column 2 is higher than 3, populate the third column with the string
value "30-50".

Help very apreciated!

Thanks!
gábor
 
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