Find the expected value of the winning bid

Assignment Help Advanced Statistics

Reference no: EM13550745

Question A and B are two contractors independently bidding on a job. The contract will go to the lowest bidder. Contractor A submits a random bid X~Uniform(0,1) while contractor B submits a random bid Y with a probability density f_y(y) = 2y for 0 < y < 1 and f_y(y) = 0 otherwise.

a) What is the joint density of Xand Y?
b) Find the probability contractor A is awarded the iob.
c) Find the expected value of the winning bid.

Reference no: EM13550745

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