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Mathematics, 08.11.2019 05:31 blesskids600

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 $10,100 will be accepted. assume that the competitor's bid x is a random variable that is uniformly distributed between $10,100 and $14,500. 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)?

$

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