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 $14,500. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?

0.49 = 49% probability that your bid will be accepted

Step-by-step explanation:

An uniform probability is a case of probability in which each outcome is equally as likely.

For this situation, we have a lower limit of the distribution that we call a and an upper limit that we call b.

The probability that we find a value X lower than x is given by the following formula.

Uniformly distributed between $9,600 and $14,500.

This means that

Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?

Your bid will be accepted if the competitor's bid X is lower than 12000. So

0.49 = 49% probability that your bid will be accepted

7. d. 64

8. i. 32

9. c. 125

10. j. none of the above

11. d. 81

12. i. 216

13. e. none of the above

14. g. 240

15. e. none of the above

16. g. 32

17.   e. none of the above

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step-by-step explanation: