Social Studies, 24.12.2019 19:31 jadenhaslam
You and three other people are to place bids for an object, with the high bid winning. if you win, you plan to sell the object immediately for 10 thousand dollars. how much should you bid to maximize your expected profit if you believe that the bids of the others can be regarded as being independent and uniformly distributed between 7 and 11 thousand dollars?
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