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 )

i can you answer this question sweetie!

step-by-step explanation:

y < -3

step-by-step explanation:

-3y - 2 > 7

-3y -2 + 2 > 7+2

-3y > 9

-3y/-3 < 9/-3   (change the inequality sign when multiplying or dividing by a negative number)

y < -3