I have assumed the distribution to be a continuous one as $82000.5 is larger than $82000 and hence the competitor can bid $82000.5.
please answer all questions Suppose you are interested in bidding on a parcel of land and...
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 bidder is interested. The seller announced that the highest bid in excess of $20,000 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $20,000 and $25,000. (a) Suppose you bid $22,000. What is the probability that your bid will be accepted? (b) Suppose you bid $23,000. What is the probability that your bid will be accepted?(c) What...
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 $15,100. 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...
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 $20,000 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $20,000 and $25,000. (a) Suppose you bid $21,000. What is the probability that your bid will be accepted? (b) Suppose you bid $23,000. 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 bidder is interested. The seller announced that the highest bid in excess of $10,400 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,400 and $15,300. 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 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...
Check My Work 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 $10,100 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,100 and $15,500. a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)? .40 b. Suppose you bid $14,000. What is...
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 $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...
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seliler announced that the highest bid in excess of s9,700 l be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $9,700 and $14,700 bid $12,000. What is the probability that your bid will be accepted (to 2 decimals) b. Suppose you bid s14,000, 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 bidder is interested. The seller announced that the highest bid in excess of $9,600 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $9,600 and $15,100. 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...