Buying books on ebay, The textbook you need to buy for your

Buying books on ebay

Assignment Help Basic Statistics

Reference no: EM131824997

Buying books on Ebay. The textbook you need to buy for your chemistry class is expensive at the college bookstore, so you consider buying it on Ebay instead. A look at past auctions suggest that the prices of that chemistry textbook have an approximately normal distribution with mean $89 and standard deviation $15.

(a) What is the probability that a randomly selected auction for this book closes at more than $100?

(b) Ebay allows you to set your maximum bid price so that if someone outbids you on an auction you can automatically outbid them, up to the maximum bid price you set. If you are only bidding on one auction, what are the advantages and disadvantages of setting a bid price too high or too low? What if you are bidding on multiple auctions?

(c) If you watched 10 auctions, roughly what percentile might you use for a maximum bid cuto↵ to be somewhat sure that you will win one of these ten auctions? Is it possible to find a cutoff point that will ensure that you win an auction?

(d) If you are willing to track up to ten auctions closely, about what price might you use as your maximum bid price if you want to be somewhat sure that you will buy one of these ten books?

Reference no: EM131824997

Questions Cloud

Pew research foundation : Chronic illness, Part I. In 2013, the Pew Research Foundation reported that "45% of U.S. adults report that they live with one or more chronic conditions

Confidence interval for the fraction : Construct a 99% confidence interval for the fraction of U.S. adult Twitter users who get some news on Twitter, and interpret the confidence interval

Determine what percent of airline passengers incur this fee : Most airlines charge a fee for baggage that weigh in excess of 50 pounds. Determine what percent of airline passengers incur this fee.

Find the standard deviation of the distribution : Find the SD. Find the standard deviation of the distribution in the following situations.

Buying books on ebay : The textbook you need to buy for your chemistry class is expensive at the college bookstore, so you consider buying it on Ebay instead.

Problem regarding the sat scores : SAT scores (out of 2400) are distributed normally with a mean of 1500 and a standard deviation of 300. Suppose a school council awards

Probability of sampling two females : What is the probability of sampling two females in a row when sampling with replacement? What is the probability when sampling without replacement?

What is the probability that all three randomly selected : What is the probability that all three randomly selected women are married?

Computing the defective rate : A machine that produces a special type of transistor (a component of computers) has a 2% defective rate. The production is considered a random process

User Account

All Pages