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Mathematics, 29.03.2021 23:20 hdkdkdbx

5.6. Your company must make a sealed bid for a construction project. If you succeed in winning the contract (by having the lowest bid), then you plan to pay another firm $100,000 to do the work. If you believe that the minimum bid (in thousands of dollars) of the other participating companies can be modeled as the value of a random variable that is uniformly distributed on (70, 140), how much should you bid to maximize your expected profit

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