Question
In: Statistics and Probability
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 $15,000.
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 bid will be accepted (to 2 decimals)?
c. What amount should you bid to maximize the probability that you get the property? (in dollars)?
d. What is the expected profit for this bid (in dollars)?
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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