**Bidding on a Piece of Land: Probability and Decision Making**Suppose you are interested in bidding on a piece of land and know one other bidder is interested. The seller has announced that the highest bid in excess of $10,200 will be accepted. Assume the competitor's bid, $ x $, is a random variable that is uniformly distributed between $10,200 and $15,200.**a.** Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?**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?**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 $13,100. Which bid will give you the larger expected profit?- Select your answer: What is the expected profit for this bid (to 2 decimals)?

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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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. 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
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