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 $9,600 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $9,600 and $14,500. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?

0.49 = 49% probability that your bid will be accepted

Step-by-step explanation:

An uniform probability is a case of probability in which each outcome is equally as likely.

For this situation, we have a lower limit of the distribution that we call a and an upper limit that we call b.

The probability that we find a value X lower than x is given by the following formula.

Uniformly distributed between $9,600 and $14,500.

This means that

Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?

Your bid will be accepted if the competitor's bid X is lower than 12000. So

0.49 = 49% probability that your bid will be accepted

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