Question

upon studying low bids for shipping contracts, a microcomputer man- ufacturing company finds that intrastate contracts have low bids that are uniformly distributed between 20 and 25, in units of thousands of dollars. find the probability that the low bid on the next intrastate shipping contract a) is below $22,000. b) is in excess of $24,000.

Answer 1

When shipping contract is below $22000 the probability is 0.4
When shipping contract is in excess of $24000 the probability is 0.2

i.e., f(x) = 1/ (25-20)
    f(x) = 1/5; 20≤x≤25
                   22
A) P(x≤22) =∫ 1/5 dx
                   20
                            22
                 = 1/5 (x)
                            20
                  = (22-20)/ 5
                  = 0.4

                     25
B) P(x≥24) = ∫ 1/5dx
                     24
                            25

                 = 1/5(x)
                            24
                 = (25-24)/5
                 = 0.2
Probability- Probability is simply the likelihood of something occurring. When we are uncertain about the outcome of an event, we can discuss the probabilities of various outcomes—how likely they are. Statistics is the study of events governed by probability. The probability of an event is a number between 0 and 1, where 0 indicates the event's impossibility and 1 indicates certainty.

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