Mathematics, 19.02.2020 00:21 Epicbuildzz
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 $9,500 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $9,500 and $14,700. Suppose you bid $12,000. 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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