Let X denote the amount of time in hours a book on two-hour reserve is actually checked out, and suppose the cdf is
F(x) = 0, x < 0
(x^2)/4, 0<= x <= 2
1, 2 <= x
What is the 75th percentile for the amount of time a book is checked out?
What is the pdf of X?
What are the expected value and variance of X?
If the borrow is charged $1.00 to check out a book and an additional $0.50 for each hour (i.e.$0.50X), compute the expected charge and the variance of the charge.