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. Suppose you bid $12,000. What is the probability that your bid will be accepted?

0.4

Step-by-step explanation:

Given:-

- The uniform distribution parameters are as follows:

                      a = $10,000       b = $15,000

Find:-

Suppose you bid $12,000. What is the probability that your bid will be accepted?

Solution:-

- We will denote a random variable X that defines the bid placed being accepted. The variable X follows a uniform distribution with parameters [a,b].

                                 X ~ U(10,000 , 15,000)

- The probability of $12,000 bid being accepted can be determined by the cdf function of the uniform distribution, while the pmf is as follows:

                                Pmf = 1 / ( b - a )

                                Pmf = 1 / ( 15,000 - 10,000 )

                                Pmf = 1 / ( 5,000 )

costs the what? what is the cost of the pants?

step-by-step explanation:

if it is $10, then the price is 14.

take 40% of the cost, and then add the cost.

40% of 10 = 4

4+10 = 14.

$2416.6

step-by-step explanation:

per hour = $ 25

total work time = 35

commission = 15%

total she has to make = $ 4,500

let she sold x dollar products

so her commission will be 15 % of x

now

total = weekly basic pay + commission

4500= (25*35) + 15 % of x

4500=875 + * x

4500-875 =   * x

3625= * x

multiplying wwith 100 on both sides gives

36250 = 15 x

now

x =  

x= $2416.6