Suppose we are interested in bidding on apiece of land and we know one otherbidder is interested. The seller announcedthat the highest bid in excess of $9600 willbe accepted. Assume that the competitor'sbid is a random variable that is uniformlydistributed between $9600 and $14600 .a. Suppose you bid $12,000. What is theprobability that your bid will be accepted (to2 decimals)?b. Suppose you bid $14,000. What is theprobability that your bid will be accepted (to2 decimals)?c. What amount should you bid tomaximize the probability that you get theproperty?What is the expected profit for this bid (to 2decimals)?

Answered: Suppose we are interested in bidding on…

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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You purchase a brand new car for $17,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. X P(X)
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
The switchboard in a Minneapolis law office gets an average of 3 incoming phone calls during the noon hour on Mondays. Experience shows that the existing staff can handle up to six calls in an hour. Let X = the number of calls received at noon. What is the probability that the office receivesa. exactly 4 calls at noon on Monday. b. exactly 8 calls at noon on Monday.
Suppose that you close your eyes and select at random two candies from the bowl which contains 2 red and 3 yellow candies without replacement. Use counting rules to find the following probabilities. a. Probability that you will select one red and one yellow candy is b. Probability that you select two red candies is
You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent
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A prize is placed at random in one of three boxes. You pick a box (and do not open it). Now, the dealer (who knows where the prize is) chooses one of the other two boxes, opens it and shows you that it is empty. She then gives you the opportunity to keep your original box or switch to the other unopened box. Find the probability of winning the prize if you switch. Find the probability of winning the prize if you stay. Should you stay or switch?
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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.)
A pair of dice is tossed. Find the probability that the sum on the 2 dice is 12, given that doubles are rolled. (Enter your probability as a fraction.)

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