$67.20 x 1/12 Find the product and round
1 answer:
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Answer:
0.4
Step-by-step explanation:
Given:-
- The uniform distribution parameters are as follows:
a = $10,000 b = $15,000
Find:-
Suppose you bid $12,000. What is the probability that your bid will be accepted?
Solution:-
- We will denote a random variable X that defines the bid placed being accepted. The variable X follows a uniform distribution with parameters [a,b].
X ~ U(10,000 , 15,000)
- The probability of $12,000 bid being accepted can be determined by the cdf function of the uniform distribution, while the pmf is as follows:
Pmf = 1 / ( b - a )
Pmf = 1 / ( 15,000 - 10,000 )
Pmf = 1 / ( 5,000 )