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svetlana [45]
3 years ago
12

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 $9,500 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $9,500 and $14,700. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
Mathematics
1 answer:
Karolina [17]3 years ago
5 0

Answer:

Probability (bid accepted) = 0.48

Step-by-step explanation:

Probability density is given byF(y)= 1/(b-a)

a=9500

b= 14700

F(y)= 1/(14700-9500) =1/5200=0.00019

Probability (bid accepted)= (12000-9500)÷1/5200

P( bid accepted) = 2500×0.00019=0.475 approximately 0.48

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