Mathematics, 17.04.2020 02:52, keke2933
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 $25,000 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $25,000 and $30,000. (a) Suppose you bid $27,000. What is the probability that your bid will be accepted? (b) Suppose you bid $29,000. What is the probability that your bid will be accepted? (c) What amount should you bid in dollars to maximize the probability that you get the property? $ (d) Suppose you know someone who is willing to pay you $31,000 for the property. What is the expected profit in dollars if you bid the amount given in part (c)? $ Find a bid in dollars which produces a greater expected profit than bidding the amount given in part (c). (If an answer does not exist, enter DNE.) $ Would you consider bidding less than the amount in part (c)? Why or why not? Yes. There is a bid which gives a greater expected profit than the bid given in part (c), and thus a higher expected profit is possible with a bid smaller than the amount in part (c). No. The bid which maximizes the expected profit is the amount given in part (c), thus it does not make sense to place a smaller bid. Need Help? Read It.
Answers: 3
Mathematics, 22.06.2019 00:00, isaiahb30
30 points! here is a you are the new manager at trusty goods wholesale produce. you need to figure out how to adjust the amount of produce in your notes after the events of the day: you got 5 more crates of bananas someone returned 2 crates of apples a worker dropped a crate of grapes (oh no! , you had to throw them out) you sold a crate of bananas you sold 5 crates of apples can you write an expression to describe your day using: "a" for crates of apples "b" for crates of bananas and "g" for crates of grapes? make sure the expression is in simplest form question 2 (3 points) explain your steps using sentences.
Answers: 2
Mathematics, 22.06.2019 01:30, Jharsh2300
Urgent need asap △abc is similar to △xyz. also, side ab measures 6 cm, side bc measures 18 cm, and side xy measures 12 cm. what is the measure of side yz ? enter your answer in the box.
Answers: 1
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested....
Mathematics, 26.11.2020 20:40
Mathematics, 26.11.2020 20:40