, 08.11.2019 01:31 Aldcperformer

# 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 $10,400 will be accepted. assume that the competitor's bid x is a random variable that is uniformly distributed between$10,400 and $14,600.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 (in dollars)? 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 $13,200. if your objective is to maximize the expected profit, what is your bid? (options: 1. stay with the bid in part (c) or 2. bid$13,200 to maximize profit)what is the expected profit for this bid (in dollars)?

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