Question: Suppose the average price of electricity for a New England

Suppose the average price of electricity for a New England customer follows the continuous uniform distribution with a lower bound of 12 cents per kilowatt-hour and an upper bound of 20 cents per kilowatt- hour.
a. Calculate the average price of electricity for a New England customer.
b. What is the probability that a New England customer pays less than 15.5 cents per kilowatt- hour?
c. A local carnival is not able to operate its rides if the average price of electricity is more than 14 cents per kilowatt- hour. What is the probability that the carnival will need to close?


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  • CreatedJanuary 28, 2015
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