Estimate distribution and expexted value of the minimum bid

Reference no: EM131438810

Question: A government agency is putting a large project out for low bid. Bids are expected from 10 different contractors and will have a normal distribution with a mean of $3.5 million and a standard deviation of $0.25 million. Devise and implement a sampling experiment for estimating the distribution of the minimum bid and the expected value of the minimum bid.

Reference no: EM131438810

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