Mathematics, 07.04.2020 19:20 calc14
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 be accepted (to 2 decimals)?
c. What amount should you bid to maximize the probability that you get the property?
$
d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend suggests you bid $13,100. If your objective is to maximize the expected profit, what is your bid?
- Select your Stay with your bid in part (c); it maximizes expected profit or Bid $13,100 to maximize the expected profitItem
What is the expected profit for this bid (to 2 decimals)?
$
I need part D, and it isn't $1,752.08
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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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