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dem82 [27]
3 years ago
8

Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that th

e 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. If required, round your answers to two decimal places. a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
Mathematics
1 answer:
Kamila [148]3 years ago
8 0

Answer:

P(bid accepted) = 0.4

Step-by-step explanation:

Defining the probability function of the competitor's bid as

P(B

for x between 10000 and 15000

We can calculate the probability that our bid of $12,000 is accepted as

P(B

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X-y+4z=5<br> 4x+z=2<br> x+5y+z=17
JulsSmile [24]

Answer:x = 0, y = 3, z = 2

Step-by-step explanation:

The given system of equations is expressed as

x - y + 4z = 5 - - - - - - - - - - - - - -1

4x + z = 2

z = 2 - 4x- - - - - - - - - - - - - -2

x + 5y + z = 17- - - - - - - - - - - - - -3

From equation

Substituting equation 2 into equation 1 and equation 3, it becomes

x - y + 4(2 - 4x) = 5

x - y + 8 - 16x = 5

x - 16x - y = 5 - 8

- 15x - y = - 3 - - - - - - - - - - - - - -4

x + 5y + 2 - 4x = 17

x - 4x + 5y = 17 - 2

- 3x + 5y = 15- - - - - - - - - - - - - -5

We would eliminate y by multiplying equation 4 by 5 and equation 5 by 1. It becomes

- 1

- 75x - 5y = - 15

- 3x + 5y = 15

Adding both equations, it becomes

- 78x = 0

x = 0

Substituting x = 0 into equation 2, it becomes

z = 2 - 4 × 0

z = 2

Substituting x = 0 and z = 2 into equation 1, it becomes

0 - y + 4 × 2 = 5

- y + 8 = 5

y = 8 - 5

y = 3

6 0
3 years ago
A card is selected at random from a well-shuffled ordinary deck consisting of 13 spades, 13 clubs, 13 hearts, and 13 diamonds. 4
Elis [28]

Answer:

b) 0.42

Step-by-step explanation:

Let A be the event that card is a heart card and B be the event that card is a face card.

We have to find P(A or B). P(A∪B)=?

P(A∪B)=P(A)+P(B)-P(A∩B)

There are 13 heart cards and  12 cards are face cards. There would be 3 face card in hearts. So,

P(A)=13/52=1/4=0.25

P(B)=12/52=3/13=0.231

P(A∩B)=3/52=0.058

P(A∪B)=0.25+0.231-0.058

P(A∪B)=0.481-0.058

P(A∪B)=0.423

So, the probability that the card is a heart or is a face card is about is 0.42.

5 0
3 years ago
Identify the following series as arithmetic, geometric, both, or neither.
Tems11 [23]

Answer:

b

Step-by-step explanation:

8 0
3 years ago
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What is 3x+y= z for x
dalvyx [7]

Answer:

X= z/3 - y/3

Step-by-step explanation:

4 0
2 years ago
An account in which money cannot be withdrawn until the maturity date is considered what type of account?
aivan3 [116]

Answer:

Certificate of deposit

Step-by-step explanation:

3 0
3 years ago
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