Families with an income range of $35,000 to $55,000 are likely to buy the latest Star Quest DVD.What is the expected value for the family income for this uniform probability distribution?
A)$45,000
B)$90,000
C)$20,000
D)$1666.67

Question

Quizplus · Accepted Answer

The expected value of a uniform probability distribution is the average of the minimum and maximum values in the range. 
So, in this case, the expected value would be:

Expected value = (minimum income + maximum income) / 2 
Expected value = ($35,000 + $55,000) / 2 
Expected value = $45,000

Therefore, the best choice is A.

Families with an Income Range of $35,000 to $55,000 Are