Ind the average cost of low bids on contracts of this type

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Reference no: EM131196597

Upon studying low bids for shipping contracts, a microcomputer manufacturing firm finds that intrastate contracts have low bids that are uniformly distributed between 20 and 25, in units of thousands of dollars.

a Find the probability that the low bid on the next intrastate shipping contract is below $22,000.

b Find the probability that the low bid is in excess of $24,000.

c Find the average cost of low bids on contracts of this type.

Reference no: EM131196597

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