Suppose we are interested Tn bldding on a plece of land and we Know one other bldder is interested. The seller announced that the highest bld in excess of $15,000 Will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $15,000 and $20,000. (a) Suppose you bid $17,000. What is the probability that your bid will be accepted? (b) Suppose you bid $18,000. What is the probability that your bid will be accepted? (c) What amount should you bid in dollars to maximize the probability that you get the property? $ (d) Suppose you know someone who is willing to pay you $21,000 for the property. What is the expected profit in dollars if you bid the amount given in part (c)? 2$ Find a bid in dollars which produces a greater expected profit than bidding the amount given in part (c). (If an answer does not exist, enter DNE.)

Suppose we are interested Tn bldding on a plece of land and we Know one other bldder is interested. The seller announced that the highest bld in excess of $15,000 Will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $15,000 and $20,000. (a) Suppose you bid $17,000. What is the probability that your bid will be accepted? (b) Suppose you bid $18,000. What is the probability that your bid will be accepted? (c) What amount should you bid in dollars to maximize the probability that you get the property? $ (d) Suppose you know someone who is willing to pay you $21,000 for the property. What is the expected profit in dollars if you bid the amount given in part (c)? 2$ Find a bid in dollars which produces a greater expected profit than bidding the amount given in part (c). (If an answer does not exist, enter DNE.)

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Description: Suppose we are interested Tn bldding on a plece of land and we Know one other bldder is interested. The seller announced that the highest bld in excess of $15,000 Will beaccepted. Assume that the competitor's bid x is a random variable that is unifo

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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