Reference no: EM13184498
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested.1 The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,000 and $15,000.
Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)?
What amount should you bid to maximize the probability that you get the property? (in dollars)?
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 $13,000. If your objective is to maximize the expected profit, what is your bid?
What is the expected profit for this bid (in dollars)?
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What amount should you bid to maximize the probability
: Suppose we are interested in bidding on a piece of land and we know one other bidder is interested.1 The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor's bid x is a random variable that is u..
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