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In: Economics

The weekly output of a steel mill is a uniformly distributed random variable that lies between...

The weekly output of a steel mill is a uniformly distributed random variable that lies between 110 and 175 metirc tons. 1. Compute the probability that the steel mill will produce more than 150 metric tons next week. 2. Determine the probability that the steel mill will produce between 120 and 160 metric tons next week.

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Expert Solution

*Answer:

Step-by-step solution

  1. Step 1 of 2

    It is given that the weekly output of a steel mill is a uniformly distributed random variable that lies between 110 and 175 metric tons.

    The probability density function for the random variable is obtained below.

    (a) We have to find the probability that the steel mill will produce more than 150 metric tons next week.

    Therefore, the probability that the steel mill will produce more than 150 metric tons next week is 0.3846.

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  2. Step 2 of 2

    (b) We have to find the probability that the steel mill will produce between 120 and 160 metric tons next week.

    Therefore, the probability that the steel mill will produce between 120 and 160 metric tons next week is 0.6154.

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