Suppose the average price of electricity for a New England customer follows the continuous uniform distribution with

Question:

Suppose the average price of electricity for a New England customer follows the continuous uniform 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?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...