Let X1, . . . , Xn be random variables corresponding to n independent bids for an item on sale. Suppose each Xi is uniformly distributed on [100, 200]. If the seller sells to the highest bidder, what is the expected sale price? A)Find the pdf of W = Max (X1, X2, …, Xn). B) Find E(W).

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.