suppose you bid . 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 state and we know one other bidder is interested. The seller appear that the highest bid in excess of $10 200 will be accustomed Assume that the
Suppose we are interested in behest on a piece of land and nosotros know one other applicant is interested. The seller appear that the highest bid in excess of $x, 200 will be accepted. Assume that the competitor'southward bid x is a random variable that is uniformly distributed between $ten, 200 and $14, 700. a. Suppose yous bid $12,000. What is the probability that your bid will exist accepted (to 2 decimals)? b. Suppose you bid $fourteen,000. What is the probability that your bid will be accustomed (to 2 decimals)? c. What amount should you bid to maximize the probability that you go the property? d. Suppose that you know someone is willing to pay you $xvi,000 for the holding. You are because behest the amount shown in role (c) but a friend suggests you lot bid $13, 100. If your objective is to maximize the expected profit, what is your bid? What is the expected profit for this bid (to 2 decimals)?
Aug 01 2020 View more View Less
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