What is probability that the lowest bid will be opened last

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Reference no: EM131424152

Economics and Finance

The purchasing agent for a state office building placed a call for bids on replacing the entry doors. Suppose that eight sealed bids are received by the deadline. The bids will be opened in random order.

a. In how many different ways can the bids be opened?

b. What is the probability that the lowest bid will be opened last?

Reference no: EM131424152

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