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riadik2000 [5.3K]
3 years ago
14

An auction website charges $1 for a bid. The bidding starts at 1¢ and goes up 1¢ at a time. A television that is worth $2000 is

won, on average, with a bid of $160. You make one bid at random. Find the expected value of the outcome of the bid. (Write as an exact decimal, with a negative sign, if necessary.)
Mathematics
1 answer:
SCORPION-xisa [38]3 years ago
3 0
This is fairly complex, but looks like fun. 
So first lets count how many bids are made till the bidding goes up to 160.
That is 100*160=16000
How much will be your random bid. Each bid has equal chance so it is the avarge of all bids. (1cent + 160dollars)/2 = 80dollars (rounded)
What is your chance of winning: 1 bid wins out of 16000 so 1/16000.
When you win your profit is 2000-80dollars=1920
1920/16000= 0.12 dollars 
You entering the bidding costs 1 dollar and your average win is 0.12
This the outcome is 0.12-1=-0.88 dollars
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3 years ago
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just olya [345]

Answer:

i may not be correct idk but i think its a because it would have to be in between 2.5 and 4.3

Step-by-step explanation:

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If the distribution is really N ( 5.43 , 0.54 ) , N(5.43,0.54), what proportion of observations would be less than 5.05 ? 5.05?
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Answer:

P(X

And we can use the following excel code to find the answer: "=NORM.DIST(-0.704,0,1,TRUE)"

Step-by-step explanation:

Previous concepts

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".  

Solution to the problem

Let X the random variable of interest for a population, and for this case we know the distribution for X is given by:

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And the best way to solve this problem is using the normal standard distribution and the z score given by:

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If we apply this formula to our probability we got this:

P(X

And we can find this probability on this way:

P(Z

And we can use the following excel code to find the answer: "=NORM.DIST(-0.704,0,1,TRUE)"

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3 years ago
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80 * 70 percent = cookies sold

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