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

Similar questions

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
8
Determine which of the following numbers could not represent the probability of an event. 440 35 1219 22 0,0.019, - 0.6, 40%, Select all that apply. OA. 0 B. 35 22 O C. 440 1219 O D. -0.6 E. 0.019 F. 40%
80% of all students at a college still need to take another math class. If 5 students are randomly selected, find the probability that a. Exactly 2 of them need to take another math class. b. At most 2 of them need to take another math class. c. At least 3 of them need to take another math class. d. Between 2 and 4 (including 2 and 4) of them need to take another math class. Round all answers to 4 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
Q.2 the probability that a missile hit the target is 0.90. If three missile of this type has been fired. Find the probability that (i) at least 2 hit the target. (ii) Exactly two hit the target.
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.)
Q18. A biased coin is flipped 6 times. In a single flip of the coin, the probability of heads is 1/3 and the probability of tails is 2/3. The outcomes of the coin flips are mutually independent. What is the probability the first two flips come up heads and the rest of the flips come up tails? (Round to four decimal places.)
You play two games against the same opponent. The probability you win thefirst game is 0.4. If you win the first game, the probability you also win the second is 0.2.If you lose the first game, the probability that you win the second is 0.3. A tie is not anoption.a. Are the two games independent? Explain.b. What’s the probability you lose both games?c. What’s the probability you win both games?d. Let random variable X be the number of games you win. Find the probabilitymodel for X.
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=