Suppose you are interested in bidding on a piece of land

Assignment Help Basic Statistics

Reference no: EM13633641

Suppose you are interested in bidding on a piece of land and you know that one other bidder is interested. The seller has announced that the highest bid in excess of $10,000 will be accepted. The other competitor's bidding price for the land will vary evenly from $10,000 to $15,000.

a) What is expected value and standard deviation of the competitor's bid?

b) What is the probability that the competitor's bid will be less than $12,000?

c) What is the range for the middle 50% of the competitor's bids?

d) Suppose that you bid $14,000. What is the probability that your bid will be accepted? (i.e. that yours will be the winning bid)

e) The competitor has hinted that he will not go higher than $13,750. What is the probability that his actual bid is above $12,200?

f) You want the probability that your bid is higher than the competitor's bid to be at least 0.95. What should you bid to ensure this?

Reference no: EM13633641

Questions Cloud

The diameter of the bottle is 3 inches determine the : a bottle filled with soda rests on the conveyor of a grocery check-out. the bottle weights 2 lbs the cg is 8 inches

An organization monitors many aspects of elementary and : q-1 an organization monitors many aspects of elementary and secondary education nationwide. their 1998 numbers are

What is the maximum possible acceleration of the vehicle : he engine of a 1000 kg car generates thrust. this force is applied at the interface of the wheels and the road. it is

After the gas is ejected the mass of the astronaut now : an astronaut in his space suit and with a propulsion unit empty of its gas propellant strapped to his back has a mass

Suppose you are interested in bidding on a piece of land : suppose you are interested in bidding on a piece of land and you know that one other bidder is interested. the seller

If a free electron is released at rest from the negative : a pair of parallel plates are charged with uniform charge densities of -38 pcm2 and 38pcm2 . the distance between the

Consider a steam power plant that operates on a simple : consider a steam power plant that operates on a simple nonideal rankine cycle and has a net power output of 38 mw.

How many excess electrons must be present on each sphere if : two small spheres spaced 20.0 centimeters apart have equal charge.how many excess electrons must be present on each

Determine the a isentropic efficiency of the compressor b : both heating and cooling for a structure can be furnished by a heat pump. one such device operating in winter uses

User Account

All Pages