Mathematics, 12.03.2021 15:10 annette211pdd8v9
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 will be accepted. Assume that the competitor's bid is a random variable that is uniformly distributed between and . a. Suppose you bid . What is the probability that your bid will be accepted (to 2 decimals)
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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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