Mathematics, 19.08.2021 21:00 annaharmon283

A city accepts the minimum of three bids on a construction project. The three bids are independently and uniformly distributed on the interval from 100,000 to 110,000. Find the expected value of the accepted bid. A. 100,500
B. 101,500
C. 101,500
D. 102,500
E. 103,500
F. 104,500

Answers: 3

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A city accepts the minimum of three bids on a construction project. The three bids are independently...

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A city accepts the minimum of three bids on a construction project. The three bids are independently and uniformly distributed on the interval from 100,000 to 110,000. Find the expected value of the accepted bid. A. 100,500 B. 101,500 C. 101,500 D. 102,500 E. 103,500 F. 104,500

Answers

Another question on Mathematics

A city accepts the minimum of three bids on a construction project. The three bids are independently and uniformly distributed on the interval from 100,000 to 110,000. Find the expected value of the accepted bid. A. 100,500
B. 101,500
C. 101,500
D. 102,500
E. 103,500
F. 104,500