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 we are interested in bidding on a piece of land and we know one other...
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 $10,200 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 $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 $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 $9,600 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...
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...
please answer all questions Suppose you are interested in bidding on a parcel of land and you know that one other bidder is interested. The seller has announced that the highest bid will be accepted. The other competitor's bidding price for the land will vary evenly from $72,000 to $85,500. a) Let B be the competitor's bid for the parcel of land. What are the distribution and parameter(s) of B? b) What is expected value and standard deviation of the...