Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,200 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,200 and $14,500.
a. Suppose you bid $12,000. What is the probability that your bid will be accepted?
b. Suppose you bid $14,000. What is the probability that your bid will be accepted?
c. What amount should you bid to maximize the probability that you get the property?
d. Suppose you know someone who is willing to pay you $16,000 for the property. Would you consider bidding less than the amount in part (c)? Why or why not?

Answers

Answer 1

Answer:

0.4185;

0.8835;

$14500;

No

Step-by-step explanation:

Given that :

a = 10200

b = 14500

f(y) = 1 /(b - a) = 1/(14500 - 10200) = 1/4300 = 0.0002325

A.)

P(x <12000) = ∫fydy at(12000 ; 10200) = ∫0.0002325dy at(12000 ; 10200)

P(x < 12000) = 0.0002325(12000) - 0.0002325(10200) = 0.4185

B.)

P(x <14000) = ∫fydy at(14000 ; 10200) = ∫0.0002325dy at(14000 ; 10200)

P(x < 14000) = 0.0002325(14000) - 0.0002325(10200) = 0.8835

(c.) 14500 ; because competitor's bid is at most 14500

D.) No ; Because by bidding $14500 ; getting the property is certain ; once the property is gotten, then it could be resold for $16000, to make a profit of $1500 ; by bidding less, winning the bid becomes uncertain which may means the profit might be lost in the long run.


Related Questions

Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A sample of 62 employees selected from financial companies in New York City showed that they received an average bonus of $47,000 last year with a standard deviation of $15,000. Construct a 90% confidence interval for the average bonus that all employees working for financial companies in New York City received last year.

Answers

Answer:

The 90% confidence interval for the average bonus that all employees working for financial companies in New York City received last year is between $43,819 and $50,181

Step-by-step explanation:

We have the standard deviation for the sample, which means that the t-distribution is used to solve this question.

T interval

The first step to solve this problem is finding how many degrees of freedom, we have. This is the sample size subtracted by 1. So

df = 62 - 1 = 61

90% confidence interval

Now, we have to find a value of T, which is found looking at the t table, with 61 degrees of freedom(y-axis) and a confidence level of [tex]1 - \frac{1 - 0.9}{2} = 0.95[/tex]. So we have T = 1.67

The margin of error is:

[tex]M = T\frac{s}{\sqrt{n}} = 1.67\frac{15000}{\sqrt{62}} = 3181[/tex]

In which s is the standard deviation of the sample and n is the size of the sample.

The lower end of the interval is the sample mean subtracted by M. So it is 47000 - 3181 = $43,819

The upper end of the interval is the sample mean added to M. So it is 47000 + 3181 = $50,181

The 90% confidence interval for the average bonus that all employees working for financial companies in New York City received last year is between $43,819 and $50,181

Can someone help me with this pls [cry]

Answers

Answer: B

Step-by-step explanation:

JUST DID A QUIZ WITH IT

2 kg 91 g = __________ g

Answers

Answer:

2091 grams

Step-by-step explanation:

1000 g = 1kg

2*1000 = 2000g + 91g = 2091 g

Answer:

2kg 91 g = _2091_ g

Step-by-step explanation:

Conversion factor: 1 kg = 1000 g

1) kg = g / 1000

2) kg = 2091 / 1000

3) kg = 2.09

The owner of a pizza restaurant in France knows that the time customers spend in the restaurant on Saturday evening has mean 90 minutes and standard deviation 15 minutes. He has read that pleasant odors can influence customers, so he spreads a lavender odor throughout the restaurant. Presented are the times, in minutes, for customers on the next Saturday evening.

Answers

Answer:

hello your question is incomplete attached below is the missing part

Question : What is the value of the test statistic

answer : = 5.73

Step-by-step explanation:

Mean value = 90 minutes

std = 15 minutes

Calculate the test statistic

mean value  of given data = ∑ x / n = 105.7

since the value of standard deviation is given we will assume a normal distribution

Hence we will apply  z test statistics

z = mean value of given data - Mean value / 15 √30

   = ( 105.7 - 90 )  / 15 √30

  = 5.73

A door is 8 feet tall and 4 feet wide. What is the area?

Answers

Answer:

32

Step-by-step explanation:

a door is rectangular in shape

area = length × breadth

8 × 4

32

answer:

The area of the door is 32 square ft

Mr Soto bought some dvds each DVD cost 13.55 if Mr Soto did not spend more Thales 75$ which inequality could be used to find d the number of DVDs Mr. Soto bought

Answers

Answer:

c

Step-by-step explanation:

C is the only equality that no matter what, the value would be $75 or less

A report summarized a survey of 2305 working adults (representative sample of all working adults). The report indicates that 484 of the working adults surveyed said they were very concerned that their job will be automated, outsourced, or otherwise made obsolete in the next five years. Obtain a point estimate for the population proportion of all working adults who very concerned that their job will be automated, outsourced, or otherwise made obsolete in the next five years. Select the correct answer, including appropriate notation.

Answers

Answer:

The point estimate for the population proportion of all working adults who very concerned that their job will be automated, outsourced, or otherwise made obsolete in the next five years is 0.21.

Step-by-step explanation:

Point estimate of a proportion:

The point estimate of a proportion, from a sample, is the sample proportion.

In this question:

2305 working adults, 484 said they were very concerned that their job will be automated, outsourced, or otherwise made obsolete in the next five years. This means that:

[tex]p = \frac{484}{2305} = 0.21[/tex]

The point estimate for the population proportion of all working adults who very concerned that their job will be automated, outsourced, or otherwise made obsolete in the next five years is 0.21.

Daria rolls a number cube. What is the probability that it will land on a 1?

Answers

Answer:

1 out of 6 or 16.7%

Step-by-step explanation:

def one out of 6 or 16.7%

56 + 72 = ( + )
help plz

Answers

Answer:

128 = +

Step-by-step explanation:

56 + 72  = 128 (+)

Benny went to 36 baseball games this year he went to 40 games last year how many baseball games did Benny go to in total

Answers

Answer:

76

Step-by-step explanation:

36+40=76

Hope this helps!!

Answer:

76 games in total

Step-by-step explanation:

Can someone help me with these two problems

Answers

Answer:

1》Arc ZWX=180+35=215

2》m<0=2×m<R

m<0=2×37

m<0=74

Hope it helps...

explanation is not right answer but I tried...would u give this a like....don't star it tho....I stopped midway....I thought in first question measure meant length of arc...not angle

Anyway first question actual answer = 180+35= 215°

second question answer= 2*37= 74 (The angle subtended by an arc of a circle at its center is twice the angle it subtends anywhere on the circle's circumference)

Step-by-step explanation:

ANSWER IS WRONG SO DONT CHECK

Angle of half circle is 180°

so <WCX + <XCY + <YCZ = 180°

35° + <XCY + 73°= 180°

108° + <XCY= 180°

<XCY= 180-108

<XCY= 72°

<WCR= <XCZ

<WCR= <XCY + <YCZ

<WCR= 72° + 73°= 145°

<ZCR= <WCX

<ZCR = 35°

Length of arc = theeta (angle)/ 360 * 2πr

length of ZWX= <ZCW +<WXC/ 360 * 2π

I stopped here

Select all the expressions that are equivalent to 16x + 36
16(x + 20)
x(16 + 36)
4(4x + 9)
2(8x + 18)
2(8x + 36)

Answers

Answer:

2(8x+18)

multiply the values in the bracket with 2

2×8x=16x

2×18=36

16x + 36

Answer: 2(8x+18)   ,4(4x+9)

Step-by-step explanation:

16 x+36 =4(4x+9)=2(8x+18)



Subtract y from 5....

Answers

Answer:

5y-y= 5? I don’t know  I’m not totally sure.

Step-by-step explanation:

Rename 5/12 and 7/8 using the least common denominator

Answers

Answer:

10/24 and 21/24

Step-by-step explanation:

So the least number that both 12 and 8 will divide into is 24

so 5x2/24 and 7x3/24 so the fractions are 10/24 and 21/24

Answer:

10/24 and 21/24

Step-by-step explanation:

answers for plato test

11. The cost of oranges at a local grocery store is shown in the table below.
Number of
Oranges
3
7
10
12
Total Cost
$1.26
$2.94
$4.20
$5.04
Which of the following represents the unit rate for the oranges?
O A. $1.68 for 1 orange
OB. $0.84 for 1 orange
O C. $1.26 for 1 orange
O D. $0.42 for 1 orange

Answers

Answer:

D. $0.42 for 1 orange

Step-by-step explanation:

Divide the number of oranges by the corresponding total cost.

Ex. 5.04 ÷ 12 = 0.42

Answer: 0.42

Step-by-step explanation: 0.42+0.42+0.42= 1.26

Find the explicit form of the arithmetic function of p if the first term is 12 and the common difference is 2. Then find the seventh term.​

Answers

Answer:

1st

Step-by-step explanation:

Which confidence level will produce the widest confidence interval, given a
sample proportion of 0.6?
A. 95%
B. 80%
C0. 68%
D. 90%

Answers

Answer:

95%

Step-by-step explanation:

Just answer it

What is the volume of the square pyramid

Answers

Answer:

V≈2933.33

Step-by-step explanation:

(explanation in picture)

Please brainliest!

PLZ HELP ASAP!!! 9 equals x over 2 + 2 ​

Answers

x=14
just get x alone

he response times for a random sample of 40 medical emergencies were tabulated. The sample mean is 13.25 minutes. The population standard deviation is believed to be 3.2 minutes. The EMS director wants to perform a hypothesis test, with a .05 level of significance, to determine whether the service goal of 12 minutes or less is being achieved.

Answers

Answer:

The calculated value Z = 2.5 > 1.96 at 0.05 level of significance

The null hypothesis is rejected

The Alternative hypothesis is rejected

The EMS director wants to service goal of 12 minutes or less is being achieved

Step-by-step explanation:

Step(i):-

Given that the size of the random sample = 40

Given that the mean of the sample (x ⁻) = 13.25

Given that the standard deviation of the Population = 3.2 minutes

Level of significance = 0.05

The mean of the Population (μ) = 12

Step(ii):-

Null hypothesis:-H₀: (μ) = 12

Alternative Hypothesis: H₁ : μ < 12

Test statistic

                  [tex]Z = \frac{x^{-}-mean }{\frac{S.D}{\sqrt{n} } }[/tex]

                  [tex]Z = \frac{13.25-12 }{\frac{3.2}{\sqrt{40} } }[/tex]

                  Z = 2.5

The tabulated value Z₀.₀₅ = 1.96

The calculated value Z = 2.5 > 1.96 at 0.05 level of significance

The null hypothesis is rejected

The Alternative hypothesis is rejected

Final answer:-

The EMS director wants to service goal of 12 minutes or less is being achieved

is finding the perimeter of a figure with all sides of equal length easier tgan finding the perimeter of other figures?​

Answers

Answer:

yes, there are fewer numbers to compute.

It's just one length x the number of sides.

Step-by-step explanation:

student were asked to choose their favorite food and 5/6 chose either pizza or tacos if 2/6 of the students chose pizza what fraction chose tacos

Answers

Answer:

3/6 or 1/2

Step-by-step explanation:

the amount that chose pizza = 2/6

5/6 = the amount that chose pizza + the amount that chose tacos

5/6 = 2/6 + the amount that chose tacos

the amount that chose tacos = 5/6 - 2/6

the amount that chose tacos = (5-2)/6

the amount that chose tacos=3/6=1/2

Answer:

3/6

Step-by-step explanation:

h(x) = 3x + 5
g(x) = 4x – 2
Find h(x) – g(x)

Answers

Answer:

6

Step-by-step explanation:

seshhhhh is that dababy. he valid

what is

14+6×(9−6)


PLEASE HELP MEE

Answers

I think 174 if not so sorry I tried

[tex]\rm\red{\overbrace{\underbrace{\tt\color{orange}{\:\:\:\:\:\:\:\:Answer:\:\:\:\:\:\:\:\:\:}}}}[/tex]

[tex]174[/tex]

[tex]\large\purple{ChaEunWoo2009}[/tex]

#CarryOnLearning

how do we pass maths​

Answers

Answer:

1- Create a Distraction Free Study Environment. Mathematics is a subject that requires more concentration than any other.  

2- Master the Key Concepts.  

3- Understand your Doubts.  

4- Apply Maths to Real World Problems.  

5- Practice, Practice and Practice even more.

Zachary's rectangle measures 4 1 /4 units by 4 1 /4 units. What is its area?

Answers

Answer:

169/12 square units.

Step-by-step explanation:

Which of the following cannot be the side lengths of a triangle?

10, 12, 18

9, 9, 10

3, 11, 15

10, 15, 20

Answers

Answer:

3, 11, 15

Step-by-step explanation:

The two shorter sides add up to 14, which is smaller than 15, therefore making the triangle impossible as the sum of the two smaller sides have to be larger than the longest side

Diego needs rug with an area of 540sq feet what are all the ways to get 540 square feet

Answers

Answer:

260*2

540*1

180*3

135*4

108*5

Step-by-step explanation:

14. Enzo needs to buy some sand for his sandbox. He can either buy a
10-pound bag of sand for $18 or a 6-kilogram bag of sand for $20.
a. Which is a better value? Explain.
b. If Enzo needs 18 pounds of sand, what should he buy so that
he spends the least amount of money overall? Explain.

Answers

Answer:

A: 6 kilo bag B: He should buy two 10 pound bags.

Step-by-step explanation:

Brainliest?

The 6-kilogram pack of sand for $20 is a better value. Then the amount of money for 18 pounds of sand will be $27.18.

What is the rate?

The rate is the ratio of the amount of something to the unit.

For example - If the speed of the car is 20 km/h which means the car travels 20 km in one hour.

Enzo requirements to get some sand for his sandbox. He can either purchase a 10-pound sack of sand for $18 or a 6-kilogram pack of sand for $20.

The rate in the first case is written as,

⇒ 18/10

⇒ $1.8 per pound

The rate in the second case is written as,

⇒ 20/6

⇒ $3.33 per kilogram

⇒ $1.51 per pound

The 6-kilogram pack of sand for $20 is a better value.

Then the amount of money for 18 pounds of sand will be given as,

⇒ $1.51 x 18

⇒ $27.18

Thus, the amount of money for 18 pounds of sand will be $27.18.

More about the rate link is given below.

https://brainly.com/question/14731228

#SPJ2

Can anyone help? The question is at the bottom

Answers

Answer:

Step-by-step explanation:

Answer:

24 is awnser

Step-by-step explanation:

Pls mark me as brainliest

Other Questions
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