Question
In: Statistics and Probability
11. Suppose we are interested in bidding on a piece of land and we know one...
11. 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 $12,000 will be accepted. Assume that the competitor’s bid x is a random variable that is uniformly distributed between $12,000 and $17,000.
a. Suppose you bid $13,000. What is the probability that your bid will be accepted?
b. Suppose you bid $16,000. What is the probability that your bid will be accepted?
c. What amount should you bid to maximize the probability that you get the property?
d. Suppose you know someone who is willing to pay you $18,000 for the property. Would you consider bidding less than the amount in part (c)? Why or why not?
Solutions
orchestra answered 2 years agoRelated Solutions
suppose we are interested in bidding on a piece of land and we know one other...
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 competitors bid x is a random variable
that is uniformly distributed between $10,000 and $15,400.
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...
Suppose we are interested in bidding on a piece of land and we know one other...
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 $15,000 will be accepted. Assume that the
competitor's bid x is a random variable that is uniformly
distributed between $15,000 and $20,000.
(a)
Suppose you bid $16,000. What is the probability that your bid
will be accepted?
(b)
Suppose you bid $18,000. What is the probability that your bid
will be...
Suppose we are interested in bidding on a piece of land and we know one other...
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...
Suppose we are interested in bidding on a piece of land and we know one other...
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 $9,500 will be accepted. Assume that the
competitor's bid x is a random variable that is uniformly
distributed between $9,500 and $14,600.
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...
Suppose we are interested in bidding on a piece of land and we know one other...
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 $14,600.
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...
Suppose we are interested in bidding on a piece of land and we know one other...
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 $10,500 will be accepted. Assume that the
competitor's bid x is a random variable that is uniformly
distributed between $10,500 and $15,200.
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...
Suppose we are interested in bidding on a piece of land and we know one other...
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 $10,500 will be accepted. Assume that the
competitor's bid x is a random variable that is uniformly
distributed between $10,500 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...
Suppose we are interested in bidding on a piece of land and we know one other...
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 $9,800 will be accepted. Assume that the
competitor's bid x is a random variable that is uniformly
distributed between $9,800 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...
Suppose we are interested in bidding on a piece of land and we know one other...
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 $10,500 will be accepted. Assume that the
competitor's bid x is a random variable that is uniformly
distributed between $10,500 and $14,800.
I need the answers in TWO decimal places to not be wrong.
Suppose you bid $12,000.What is the probability that your bid
will be accepted (to 2 decimals)? Suppose...
Suppose we are interested in bidding on a piece of land and we know one other...
Suppose we are interested in bidding on a piece of land and we know
one other bidder is interested.1 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 $15,000. a. Suppose you bid
$12,000. What is the probability that your bid will be accepted? b.
Suppose you bid $14,000. What is the probability that your bid will
be...
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