Mathematics, 24.06.2021 19:20 fatherbamboo
Suppose we are interested in bidding on a piece of land and we know one other bidder isinterested. 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 distributedbetween $10,000 and $15,000.a. Suppose you bid $12,000. What is the probability that your bid will be accepted?b. Suppose you bid $14,000. What is the probability that your bid will be accepted?c. What amount should you bid to maximize the probability that you get theproperty?d. Suppose you know someone who is willing to pay you $16,000 for the property. Wouldyou consider bidding less than the amount in part (c)? Why or why not?
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Suppose we are interested in bidding on a piece of land and we know one other bidder isinterested. T...
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