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 $10,000 will be accepted. Assume that the
competitor's bid x is a random variable that is uniformly
distributed between $10,000 and $15,300.
Suppose you bid $12,000. What is the probability that your bid
will be accepted (to 2 decimals)?
Suppose you bid $14,000. What is the probability that your bid
will...