The retail price of a medium-sized box of a well-known brand of cornflakes ranges from $2.15 to $2.66. Assume these prices are uniformly distributed. **(Round your answer to 3 decimal places, e.g. 2.531.) ***(Round your answer to 4 decimal places, e.g. 0.2531.) (a) What is the average price in this distribution? enter the average price rounded to 3 decimal places ** (b) What is the standard deviation of prices in this distribution? enter the standard deviation of prices rounded to 3 decimal places ** (c) If a price is randomly selected from this list, what is the probability that it will be between $2.33 and $2.47? enter the probability rounded to 4 decimal places **
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
The retail price of a medium-sized box of a well-known brand of cornflakes
**(Round your answer to 3 decimal places, e.g. 2.531.)
***(Round your answer to 4 decimal places, e.g. 0.2531.)
(a) What is the average price in this distribution? enter the average price rounded to 3 decimal places **
(b) What is the standard deviation of prices in this distribution? enter the standard deviation of prices rounded to 3 decimal places **
(c) If a price is randomly selected from this list, what is the
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