I can’t figure it out!! Please help!

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

IgorLugansk [536]

Answer:

a) 0.32 = 32% probability that your bid will be accepted

b) 0.72 = 72% probability that your bid will be accepted

c) An amount in excess of $15,400.

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.

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

Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,400 and $15,400.

This means that $a = 10400, b = 15400$

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

You will win if the competitor bids less than 12000. So

$P(X \leq 12000) = \frac{12000 - 10400}{15400 - 10400} = 0.32$

0.32 = 32% probability that your bid will be accepted

b. Suppose you bid $14,000. What is the probability that your bid will be accepted?

You will win if the competitor bids less than 14000. So

$P(X \leq 14000) = \frac{14000 - 10400}{15400 - 10400} = 0.72$

0.72 = 72% probability that your bid will be accepted

c. What amount should you bid to maximize the probability that you get the property (in dollars)?

His bid is uniformly distributed between $10,400 and $15,400.

So, to maximize the probability that you get the property, you should bid an amount in excess of $15,400.

6 0

2 years ago

Solve for x: 2(x 3)2 − 4 = 0 Round your answer to the nearest hundredth. X = 4. 41, 1. 59 x = 1. 34, 5. 24 x = −1. 34, −5. 24 x

gladu [14]

The two values when the provided quadratic equation is solved for the x are -4.41 and -1.59 to the nearest hundredth.

<h3>What is a quadratic equation?</h3>

A quadratic equation is the equation in which the unknown variable is one and the highest power of the unknown variable is two.

The standard form of the quadratic equation is,

$ax^2+bx+c=0$

Here, (<em>a,b,c</em>) are the real numbers and <em>x </em>is the variable.

To find the value of x, the following formula is used,

$x=\dfrac{-b\pm\sqrt{b^2-4ac}}{2a}$

The given equation is,

$2(x+ 3)^2 - 4 = 0$

To solve this equation, we need to apply some mathematical operations over it. Let's start with opening the brackets.

$2(x+ 3)^2 - 4 = 0\\2(x^2+6x+9)-4=0\\2x^2+12x+14-4\\2x^2+12x+12=0\\x^2+6x+7=0$

On comparing with standard equation we get,

$a=1, b=6, c=7$

Put this values in the above formula,

$x=\dfrac{-(6)\pm\sqrt{(6)^2-4(1)(7)}}{2(1)}\\x=\dfrac{-(6)\pm\sqrt{(6)^2-4(1)(7)}}{2(1)}\\x=-4.41,-1.59$

Hence, the two values when the provided quadratic equation is solved for the x are -4.41 and -1.59 to the nearest hundredth.

Learn more about the quadratic equation here;

brainly.com/question/1214333

5 0

2 years ago

On the map of a town, the library is located at (–8, 8), and the seafood market is located at (–8, 2). Mary walks from the libra

sertanlavr [38]

6 units. have a great day!!!!

6 0

3 years ago

Read 2 more answers

Draw the image ABC under a translation by 3 units to the left and 3 units down

juin [17]

Answer:

so basicaly on this one bring the line down 3 units and 3 unit to the left it is really easy

Step-by-step explanation:

4 0

3 years ago

Identify the value of x that makes each pair of ratios

TEA [102]

C
5 is 1/3 of 15 and 1 is 1/3 of 3 so C would be correct

5 0

3 years ago