Mathematics, 05.07.2019 19:30 rileysndr1782
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. the seller announced that the highest bid in excess of $9,900 will be accepted. assume that the competitor's bid x is a random variable that is uniformly distributed between $9,900 and $15,500. suppose you bid $12,000. what is the probability that your bid will be accepted (to 2 decimals)
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Suppose we are interested in bidding on a piece of land and we know one other bidder is interested....
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