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 $10,300 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,300 and $15,300. a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)? .34 b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? .74 c. What amount should you bid to maximize the probability that you get the property? $ $15,30 d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend suggests you bid $13,150. Which bid will give you the larger expected profit? Bid $13150 to maximize the expected profit What is the expected profit for this bid (to 2 decimals)?

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 $10,300 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,300 and $15,300. a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)? .34 b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? .74 c. What amount should you bid to maximize the probability that you get the property? $ $15,30 d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend suggests you bid $13,150. Which bid will give you the larger expected profit? Bid $13150 to maximize the expected profit What is the expected profit for this bid (to 2 decimals)?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Q: The probability that a student passes a Math course is 0.7. If the student has 8 math courses in her…

A: Here, n = 8 and p = 0.7

Q: Alison Bender works for an accounting firm. To make sure her work does not contain errors, her…

Q: Chris can only afford to take one vacation. His 2 choices are A = Argentina, and B = Bermuda. The…

A: The question is about probability.Given :P ( A ) = 0.401P ( B ) = 0.423

Q: If A and B are mutually exclusive and the P(A) = 0.3 and P(B) = 0.4. %3D Find the probability of A…

A: We have given that, P(A) = 0.3 and P(B) = 0.4 Then, We will find the probability of A and B if the…

Q: A car insurance policy costs P7000 per year from an insurance firm. The insurer shall pay P10,000…

A: Policy cost is P 7000. Accident Pay Probability Minor Accident 10000 0.20 Big accident 50000…

Q: d. What is the probability that four or more of the LED light bulbs are defective? The probability…

A: We have given thatp = 0.04n = 20X ~Binomial(n, p) X ~ Binomial (20, 0.04)The PMF of the Binomial…

Q: Suppose you found the number the probability of women meeting the height requirement to be .3526 and…

A: Solution-: We have The probability of women meeting the height requirement to be 0.3526=35.26% The…

Q: You purchase a brand new car for $21750 and insure it. The policy pays 65% of the car's value if…

A: The company gives 65% of the cars value if there is an issue with engine, so it follows: 65% of…

Q: When rolling a pair of dice, what is the probability of getting a sum less than 13.

Q: Suppose you found the number the probability of women meeting the height requirement to be .6603 and…

A: Option D is the false statement. Explanation : probability of men meeting the height criteria is…

Q: 9. Find the probability, P(A and B), if P(A) = 0.8, P(B) = 0.52, and A and B are independent.…

A: Probability of P(A and B)=P(A)×P(B) Where A,B are two independent events

Q: 13. Ted has two quarters, three dimes, and one nickel in his pocket. He pulls out a coin at ran-…

A: It is given that the Ted has 2 quarters (25 cents), 3 dimes (10 cents), and 1 nickel (5 cents). The…

Q: Suppose that you are looking for a student at your college who lives within five miles of you. You…

A: Given data, n=248 p=40%=0.40 q=1-p=0.60 The probability mass function of geometric distribution to…

Q: In an original group, the probability of choosing a girl from that group was 1/3 When 1more girl…

A: Consider a number of boys are x and the number of girls are y and solve it by using given…

Q: Find the probability of matching three of the four winning numbers. (ROUND YOUR ANSWER TO 8 DECIMAL…

Q: Q18. A biased coin is flipped 10 times. In a single flip of the coin, the probability of heads is…

A: given data P(head) =13 P(tail) = 23 flip coin 10 times.

Q: a. List the possible outcomes. O A. red/blond and blond / red O B. red/ red, red/blond, blond/ red,…

Q: Find the probability that an individual selected at random will be a boy and prefer Fruity cereal.…

A: The objective of this question is to find the probability that a randomly selected individual will…

Question

Exercise 06.07 Algo (Uniform Probability Distribution)
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 $10,300 will be accepted. Assume that the competitor's bid x is a random
variable that is uniformly distributed between $10,300 and $15,300.
a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
.74
◄ Question 3 of 16 ►
.34
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?
Hint(s) Check My Work
Bid $13150 to maximize the expected profit
What is the expected profit for this bid (to 2 decimals)?
$ $15,30
d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the
amount shown in part (c) but a friend suggests you bid $13,150. Which bid will give you the larger expected profit?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

Can I get help with d please as $1881 is incorrect

Solution

by Bartleby Expert

SEE SOLUTION

Similar questions

Which of the following is a feature of a binomial experiment? A. Each trial has an unlimited number of outcomes. B. The probability of a success is twice the probability of a failure. C. There are an uncertain number of trials. D. The probability of a success is the same for each trial.
Suppose a math class contains 33 students. There are 23 females (five of whom speak Spanish) and 10 males (two of whom speak Spanish). Give all answers as decimals to at least two decimal places. 3. What percent of Spanish speaking students are male? 4. If someone does not speak Spanish what is the probability they are female?
6. Purchased gum Kept the money 13 Students give 4 quarters Students given a $bill 29 11 38 a. Find the probability of randomly selecting a student who spent the money, given that the student was given four quarters. b. Find the probability of randomly selecting a student who spent the money, given that the student was given a $1. c. Find the probability of randomly selecting a student who kept the money, given that the student was given a $1.
A. A recent study found that 2% of Americans admitted they had driven while intoxicated in the prior month. If a problem asks you to find the probability that 200 or fewer people in a population of 10,000 drive under the influence of alcohol, how do you solve the problem after finding the probability in the z-table? A. Subtract one from the probability you find in the z-score tables B. The probability that equates to the z-score is the answer C. Tis problem cannot be answered with the z-tables D. Take the probability you find in the z-score tables and subtract from one
. 고 X D Based on a survey, assume that 45% of consumers are comfortable having drones deliver their purchases. Suppose that we want to find the probability that when five consumers are randomly selected, exactly two of them are comfortable with delivery by drones. Identify the values of n, x, p, and q. The value of n is. (Type an integer or a decimal. Do not round.) The value of x is (Type an integer or a decimal. Do not round.) The value of p is. (Type an integer or a decimal. Do not round.) The value of q is. (Type an integer or a decimal. Do not round.) # 3 E D 80 F3 C $ 4 R F 9 F4 V 5 T L 4 FS G B 6 FO Y H & 7 N 17 U J * 8 M - DII FB K ( 9 H < I DD F9 O L ) O P V F10 . - : i Time Remaining: 01:43:34 I command option 4 F11 { [ ? 1 +11 = 11 I 4) F12 } 1 Next delete return shi
Determine the probability of the following. Write your answer on the space provided. (20 Points) 1. If one card is shown from an ordinary deck of cards, find the probability of getting the following. a. A king or a queen c. A club or a heart or a spade d. An Ace or a diamond b. A king or a queen or a diamond
Let X = number of siblings. Use the following table to answer questions 3 and 4: x (p)x 0 2/40 1 5/40 2 0 3 14/40 4 7/40 5 4/40 3. Find the probability that a person has two siblings.a. 8/40b. 8c. 2d. 6/404. Find the expected number of siblings a person has.a. 2.78b. 15c. 3.13d. 1.0
Suppose the probability of Harry not attending ceremony is 7 1 The probability of Harry and Chris attending ceremony is 5. Find the probability that Harry will attend the ceremony and Chris will not attend the ceremony. (Round your answer to three decimal places.)
Which of the following do you think could possibly be true? A. The number of students enrolled at a university decresed by 100% from last year B. The probability that an NFL team win the super bowl this year is 110% C. A student flips a coin 10 times and obeserves 65% of the time the coin lands on tails D.85% of students at a university are enrolled full-Time
Q10. Given that the switchboard of a consultant's office receives on average 0.8 calls per minute, find the probability that in a 5-minute interval there will be exactly 4 calls, and in the following 4- minute interval, there will be exactly 1 call. (Consider the entire 9 minute interval to calculate your answer.)
Delta Airlines flights from Bostin to Seattle are on time 70% of the time. Suppose 10 flights are randomly selected, and the number of on-time flights is recorded. round answer to 3 significant figures the probability that exactly 5 flights are on time is =the probability that at most 7 flights are on time is =the probability that at least 9 flights are on time is=