Answer to Question #137213 in Microeconomics for shayal

Question

Retail price of fuel in Fiji is uniformly distributed between $2.00 and $3.50 per litre.

a. Calculate the retail average price of fuel in Fiji.

b. What is the probability that the price of fuel will be less than $3. Show working.

c. What is the probability that the price of fuel will less than $2. Show working.

2. List three ways in which we can determine a good model fit?

3. A sample of eight vehicle owners was taken to estimate the demand for vehicle on the weekly price of fuel. The demand for vehicles per month is (X) and the price of fuel per week in $ is (Y).

Answer 1

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