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In: Statistics and Probability

A government agency is putting a large project out for low bid. Bids are expected from...

A government agency is putting a large project out for low bid. Bids are expected from 10 different contractors and will have a normal distribution with a mean of $3.5 million and a standard deviation of $0.25 million. Devise and implement a sampling experiment for estimating the distribution of the of the minimum bid and the expected value of the minimum bid. what is the average minimum bid in millions that you found?

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orchestra answered 1 year ago
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