Mathematics, 23.03.2020 21:32 Jasten
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 $10,200 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,200 and $15,000.
a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)?
c. What amount should you bid to maximize the probability that you get the property?
d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend suggests you bid $13,100. If your objective is to maximize the expected profit, what is your bid?
Answers: 2
Mathematics, 21.06.2019 15:00
55 bridesmaids want to make 325 325 decorations for a wedding. each decoration takes about 212 2 1 2 minutes to make. which response gives the best estimate for the amount of time each bridesmaid will spend making decorations?
Answers: 2
Mathematics, 21.06.2019 20:30
Find the area of the triangle formed by the origin and the points of intersection of parabolas y=β3x^2+20 and y=x^2β16.
Answers: 3
Mathematics, 21.06.2019 21:00
Eliza wants to make $10,000 from her investments. she finds an investment account that earns 4.5% interest. she decides to deposit $2,500 into an account. how much money will be in her account after 14 years?
Answers: 1
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested....
Biology, 06.07.2019 09:00
Mathematics, 06.07.2019 09:00
English, 06.07.2019 09:00
Geography, 06.07.2019 09:00
Arts, 06.07.2019 09:00
Biology, 06.07.2019 09:00
Health, 06.07.2019 09:00
Mathematics, 06.07.2019 09:00
Social Studies, 06.07.2019 09:00
Social Studies, 06.07.2019 09:00
Biology, 06.07.2019 09:00
History, 06.07.2019 09:00