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.