Mathematics, 24.06.2020 16:01 cmflores3245

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 $15,400. Required:
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)?

Answers: 2

Show answers

Answers

Answer from: montgomerykarloxc24x

a) 0.32 = 32% probability that your bid will be accepted

b) 0.72 = 72% probability that your bid will be accepted

c) An amount in excess of $15,400.

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.

$P(X \leq x) = \frac{x - a}{b-a}$

Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,400 and $15,400.

This means that a = 10400, b = 15400

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

You will win if the competitor bids less than 12000. So

$P(X \leq 12000) = \frac{12000 - 10400}{15400 - 10400} = 0.32$

0.32 = 32% probability that your bid will be accepted

b. Suppose you bid $14,000. What is the probability that your bid will be accepted?

You will win if the competitor bids less than 14000. So

$P(X \leq 14000) = \frac{14000 - 10400}{15400 - 10400} = 0.72$

0.72 = 72% probability that your bid will be accepted

c. What amount should you bid to maximize the probability that you get the property (in dollars)?

His bid is uniformly distributed between $10,400 and $15,400.

So, to maximize the probability that you get the property, you should bid an amount in excess of $15,400.

Answer from: Quest

need more information

step-by-step explanation:

Answer from: Quest

a, b, c, d are correct.

step-by-step explanation:

we have g(x) = 3 $\sqrt{x}$ and are required to find which option is a translation of g(x).

now, 'translation' is a transformation which means to shift the function in any direction and the general form of translation is g(x) + k, where k is any real number.

so, according to the options we see that all are correct as they satisfy the general form of translation.

also, it can be seen from the graph below that the function g(x) = 3 $\sqrt{x}$ is shifted from its position in all the four options.

Another question on Mathematics

Mathematics, 21.06.2019 18:00

Find the number of real number solutions for the equation. x2 + 5x + 7 = 0 0 cannot be determined 1 2

Answers: 2

Answer

Mathematics, 21.06.2019 19:50

What is the solution to the equation below? 3/x-2+6=square root x-2 +8

Answers: 1

Answer

Mathematics, 21.06.2019 22:30

Amachine that produces a special type of transistor (a component of computers) has a 2% defective rate. the production is considered a random process where each transistor is independent of the others. (a) what is the probability that the 10th transistor produced is the first with a defect? (b) what is the probability that the machine produces no defective transistors in a batch of 100? (c) on average, how many transistors would you expect to be produced before the first with a defect? what is the standard deviation? (d) another machine that also produces transistors has a 5% defective rate where each transistor is produced independent of the others. on average how many transistors would you expect to be produced with this machine before the first with a defect? what is the standard deviation? (e) based on your answers to parts (c) and (d), how does increasing the probability of an event aâ†µect the mean and standard deviation of the wait time until success?

Answers: 3

Answer

Mathematics, 21.06.2019 23:20

Point r divides in the ratio 1 : 5. if the coordinates of e and f are (4, 8) and (11, 4), respectively, what are the coordinates of r to two decimal places?

Answers: 2

Answer

You know the right answer?

Suppose we are interested in bidding on a piece of land and we know one other bidder is interested....

Questions