Mathematics
Mathematics, 20.09.2019 16:10, neariah24

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.p(x≤x)=x-a/b-aa. 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? d. suppose you know someone who is willing to pay you $16,000 for the property. would you consider bidding less than the amount in part (c)?

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Suppose we are interested in bidding on a piece of land and we know one other bidder is interested....

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