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
Answers: 3
Mathematics, 21.06.2019 20:00
Write each of the following numerals in base 10. for base twelve, t and e represent the face values ten and eleven, respectively. 114 base 5 89t base 12
Answers: 1
Mathematics, 21.06.2019 21:30
The map shows the location of the airport and a warehouse in a city. though not displayed on the map, there is also a factory 112 miles due north of the warehouse.a truck traveled from the warehouse to the airport and then to the factory. what is the total number of miles the truck traveled?
Answers: 3
Mathematics, 21.06.2019 23:30
Katie wants to collect over 100 seashells. she already has 34 seashells in her collection. each day, she finds 12 more seashells on the beach. katie can use fractions of days to find seashells. write an inequality to determine the number of days, dd, it will take katie to collect over 100 seashells.
Answers: 1
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested....
Mathematics, 02.02.2021 22:20
Mathematics, 02.02.2021 22:20
Spanish, 02.02.2021 22:20
Mathematics, 02.02.2021 22:20
Health, 02.02.2021 22:20
SAT, 02.02.2021 22:20
Social Studies, 02.02.2021 22:20
Mathematics, 02.02.2021 22:20
Law, 02.02.2021 22:20
History, 02.02.2021 22:20
Mathematics, 02.02.2021 22:20
English, 02.02.2021 22:20
Biology, 02.02.2021 22:20