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

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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?

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