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Tracy is analyzing the profit of running a small barber shop at New Paltz. The daily...

Tracy is analyzing the profit of running a small barber shop at New Paltz. The daily profit is independently distributed with a uniform distribution between $100 and $500.

  • What is the probability that Tracy can earn more than $400 on a given day?
  • What is the probability that Tracy gets exactly $250 on a given day?
  • What is the expectation of the daily profit?
  • What is the variance of the daily profit?
Math   Statistics-And-Probability   
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Answer #1

X : daily profit of running a small barber shop at New Paltz

X ~ U(100,500)

the pdf of the distribution be:-

a).the probability that Tracy can earn more than $400 on a given day is:-

b). the probability that Tracy gets exactly $250 on a given day is:-

c).the expectation of the daily profit is:-

d). the variance of the daily profit is:-

***in case of doubt, comment below. And if u liked the solution, please like.

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