Mathematics, 06.04.2021 01:30, aiguillen6228
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 $14,500.
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 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 $16,000 for the property. Would you consider bidding less than the amount in part (c)? Why or why not?
Answers: 1
Mathematics, 21.06.2019 16:00, skylarschumacher7
Does the problem involve permutations or? combinations? do not solve. the matching section of an exam has 4 questions and 7 possible answers. in how many different ways can a student answer the 4 ? questions, if none of the answer choices can be? repeated?
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Mathematics, 21.06.2019 16:30, pandamaknae2003
Iwant to know what 3g+5h+4g-2h is my teacher is too selfish to tell us
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Mathematics, 21.06.2019 18:30, bdjxoanbcisnkz
Acone with volume 1350 m³ is dilated by a scale factor of 1/3. what is the volume of the resulting cone? enter your answer in the box. m³
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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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