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Mathematics, 31.03.2020 04:43 Justadumbemo
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested.1 The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor’s bid x is a random variable that is uniformly distributed between $10,000 and $15,000. Suppose you bid $12,000. What is the probability that your bid will be accepted?
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Suppose we are interested in bidding on a piece of land and we know one other bidder is interested.1...
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