Question

Past experience shows that every new book by a certain publisher captures randomly between 3 and 11% of the market. What is the probability that the next book by this publisher captures at most 6.15% of the market?

Answer 1

0.39375 = 39.375% probability that the next book by this publisher captures at most 6.15% of the market

Explanation:

Uniform probability distribution:

An uniform distribution has two bounds, a and b.

The probability of finding a value of at lower than x is:

`P(X < x) = (x - a)/(b - a)`

The probability of finding a value between c and d is:

`P(c \leq X \leq d) = (d - c)/(b - a)`

The probability of finding a value above x is:

`P(X > x) = (b - x)/(b - a)`

Randomly between 3 and 11% of the market.

This means that
`b = 11, a = 3`

What is the probability that the next book by this publisher captures at most 6.15% of the market?

`P(X < 6.15) = (6.15 - 3)/(11 - 3) = 0.39375`

0.39375 = 39.375% probability that the next book by this publisher captures at most 6.15% of the market