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mash [69]
3 years ago
13

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 $9,600 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $9,600 and $14,500. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
Mathematics
1 answer:
snow_tiger [21]3 years ago
6 0

Answer:

0.49 = 49% probability that your bid will be accepted

Step-by-step explanation:

An uniform probability is a case of probability in which each outcome is equally as likely.

For this situation, we have a lower limit of the distribution that we call a and an upper limit that we call b.

The probability that we find a value X lower than x is given by the following formula.

P(X \leq x) = \frac{x - a}{b-a}

Uniformly distributed between $9,600 and $14,500.

This means that a = 9600, b = 14500

Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?

Your bid will be accepted if the competitor's bid X is lower than 12000. So

P(X \leq 12000) = \frac{12000 - 9600}{14500 - 9600} = 0.49

0.49 = 49% probability that your bid will be accepted

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Answer:

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8 0
3 years ago
How do you solve this absolute value equatuon? 4|x - 1| - 7 = -3
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3 years ago
The density of water is 1 gram per cubic centimeter. A more dense object will sink, and a less dense object will float. Will a m
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Ah clever. So you need two formulas.

1) Volume of the marble.

   4(pi)r^3/3
= 4(pi)(1.4)^3/3
<span>= 11.49 (approx)
</span>
2) Formula for density.
  
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Step-by-step explanation:

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3 years ago
Gavin, Colin and Dan share some sweets in the ratio 4:5:3. Gavin gets 20 sweets. How many sweets are there altogether?
Aliun [14]

9514 1404 393

Answer:

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Step-by-step explanation:

Gavin has 20/4 = 5 times as many sweets as his corresponding number of ratio units. The total number of ratio units is 4+5+3 = 12, so the total number of sweets is 5×12 = 60.

There are 60 sweets altogether.

_____

They are divided as ...

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