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The retail price of a medium-sized box of a well-known brand of
The retail price of a medium-sized box of a well-known brand of cornflakes ranges from $2.24 to $2.66. Assume these prices are uniformly distributed.
*Round your answer to 2 decimal places, the tolerance is +/-0.01.
**Round your answer to 3 decimal places, the tolerance is +/-0.001.
***Round your answer to 4 decimal places, the tolerance is +/-0.0001.
(a) What is the average price in this distribution?
(b)What is the standard deviation of prices in this distribution?
(c) If a price is randomly selected from this list, what is the probability that it will be between $2.39 and $2.49?
This question was answered on: Feb 21, 2020
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