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What is the mean value of bids across the 100 bidders

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Reference no: EM132291147

There are 100 bidders in an English auction. A random sample of 40 bidders shows the following reservation prices:

Number of Bidders                   Reservation Price

1                                                   $10

3                                                   $20

6                                                   $30

5                                                   $40

8                                                   $50

6                                                   $60

7                                                   $70

3                                                   $80

1                                                   $100

Assume the bidding distribution is normal.

a. What is the mean value of bids across the 100 bidders?

b. What is the probability of a bid being less than $80?

Reference no: EM132291147

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