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

The calibration of a scale is to be checked by weighing a 13 kg test specimen 25 times. Suppose that the results of different weighings are independent of one another and that the weight on each trial is normally distributed with Sigma = 0.200 kg. Let µ denote the true average weight reading on the scale.

Required:
a. What hypotheses should be tested?
b. With the sample mean itself as the test statistic, what is the P-value?

Answers

Solution :

a).

Given : Number of times, n = 25

            Sigma, σ = 0.200 kg

            Weight, μ = 13 kg

Therefore the hypothesis should be tested are :

[tex]$H_0 : \mu = 13 $[/tex]

[tex]$H_a : \mu \neq 13$[/tex]

b). When the value of [tex]$\overline x = 12.84$[/tex]

 Test statics :

   [tex]$Z=\frac{(\overline x - \mu)}{\frac{\sigma}{\sqrt n}} $[/tex]

  [tex]$Z=\frac{(14.82-13)}{\frac{0.2}{\sqrt {25}}} $[/tex]

          [tex]$=\frac{1.82}{0.04}$[/tex]

          = 45.5  

P-value = 2 x P(Z > 45.5)

            = 2 x 1 -P (Z < 45.5) = 0

Reject the null hypothesis if P value  < α = 0.01 level of significance.

So reject the null hypothesis.

Therefore, we conclude that the true mean measured weight differs from 13 kg.

S - 4= -8
What is S?

Answers

Answer:

S = -4

Step-by-step explanation:

-8 minus -4 is basically -8-(-4) which converts to -8+4, and the result of that is -4.

Answer:

s-4+4=-8+4

s=-4

Step-by-step explanation:

x is equal to -4

What is y if x=6 eqaution=y=4x+5​

Answers

y=29 ! hope this helps

Hey I need help .. again we’re doing log lines

Answers

Answer:

Step-by-step explanation:

I am not good at math, will give brainliest

Answers

Answer:

the answer is a

Step-by-step explanation:

convert 2x + y = -1 to slope intercept form

Answers

Answer:

y=-2x-1

Step-by-step explanation:

Your goal from Standard form to slope intercept form is to have the x on the right side of the equal sign. All you have to do is subtract 2x from both sides and you end up with y= -2x-1

Please help me if you can!

Answers

Mrs. Duran had $665 at the end of the day

Huh?! Its me DaBaby less gooo i need your help with this question. Yeah Yeah!

Answers

Answer:

[tex]4\sqrt{3}[/tex]

Step-by-step explanation:

[tex]\sqrt{48} \\\\4\sqrt{3}[/tex]

Answer:

the second option is correct

Step-by-step explanation:

An introductory psychology class has 9 freshman males, 15 freshman females, 8 sophomore males, and 12 sophomore females. A random sample of n = 2 students is selected from the class. If the first student in the sample is a male, what is the probability that the second student will also be a male?

Answers

Answer

16/43

Step-by-step explanation:

17 Male + 27 female = 44 students

now n= 2 so first student was male so one male student was taken out of the equation so 16 male left. now left male students by remaining students  so now total left students = 43

so, prob = remaining males/remaining students=16/43

Mary is having her living room and bedroom painted. Interior Designs USA charges $60.00 to evaluate the space plus $35.00 per hour of labor. Splash of Color charges $55.00 per hour with no initial fee. Which of the following are true? Select all that apply.

A) If it takes 7 hours to paint the two rooms, Interior Designs USA will charge the least.
B) Splash of Color will always charge the least.
C) If it takes more than 5 hours to paint the rooms, Splash of Color will be more cost effective.
D) If it takes 10 hours to paint the rooms, Splash of Color will charge $200 more than Interior Designs USA.
E) If it takes 3 hours to paint the rooms, both companies will charge the same amount.

Answers

Answer:

A and E

Step-by-step explanation:

A) 7 hrs in IDU will cost you $305.00 while SC cost $385

B) 4hrs in and SC will charge you more than IDU by $20

C) SC charges you more than IDU by $50 so IDU is more cost effective

D)SC will charge you $140 more than IDU but not $200

E) 55 x 3 = 165 while 35 × 3 105 plus 60 is 165 therefore it is the same

Suppose that 55% of people own dogs. If you pick two people at random, what is the probability that they both own a dog?

Answers

Answer:

The probability to one person to be a dog owner is p=0.56 (because 56% of people own dogs) and the probability that one person is not dog owner is q=1-p=1-0.56=0.44.

Step-by-step explanation:

Choosing two people at random, there are such possibilities:

1. both are dog owners;

2. first owns a dog, second not;

3. first hasn't dog, second owns a dog;

4. both haven't dogs.

Answer: if you pick two people at random the probability that they both own a dog is 0.3136.

Hope this helps! :))

The Probability that they both own a dog is 0.3025.

Here,

55% of people own dogs.

If pick two people at random,

Then we have to find the probability that they both own a dog.

What is Probability?

Probability is defined as the likelihood of something occurring or the chance of something happening.

Now,

55% of people own dogs.

Hence, the probability that they both own a dog = 55% * 55%

                                                                          = 0.55 * 0.55

                                                                          = 0.3025

So, The probability that they both own a dog is 0.3025.

Learn more about the probability visit:

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What is the volume of a cylinder with base radius 2 and height 5?
Either enter an exact answer in terms of 3.14 for pi

Answers

Answer:

V ≈ 62.83

Step-by-step explanation:

Cylinder Formulas in terms of r and h

Calculate the volume of a cylinder:

V = πr2h

Calculate the lateral surface area of a cylinder (just the curved outside):

L = 2πrh

Calculate the top and bottom surface area of a cylinder (2 circles):

T = B = πr2

Total surface area of a closed cylinder is:

A = L + T + B = 2πrh + 2(πr2) = 2πr(h+r)

Solution

V=πr 2h = π · 22 · 5 ≈ 62.83185

Therefore, the volume of the cylinder in the nearest tenths is V ≈ 62.83

Help Plis ...............

Answers

Answer:

it is positive 3/4

Step-by-step explanation:

it is the opposite of -3/4

Answer:

it would be a positive 3/4

Valentina buys a chandelier priced at $713. If the sales tax is 4%, how
much tax will
Valentina pay?​

Answers

Answer:

$741.52 TRUSTTT

Step-by-step explanation:

Answer:

x + (tax percent out of 100)*x, which is 748.65.

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:

What type of triangle is this if lengths of its sides are 37m, 24m, and 5m *​

Answers

Answer:

weird triangle

Step-by-step explanation:

Answer:

Scalene triangle

Step-by-step explanation:

Scalene triangle: If the length of all the sides of triangle have  different measurements then it is scalene triangle

On the midnight shift, the number of patients with head trauma in an emergency room has the probability distribution shown below. x 0 1 2 3 4 5 Total P(x) .02 .31 .25 .19 .13 .10 1.00 (a) Calculate the mean and standard deviation. (Round your mean value to 2 decimal places and standard deviation to 3 decimal places.) Mean Standard deviation (b) Describe the shape of this distribution. multiple choice Skewed to the right Skewed to the left Symmetric

Answers

Answer:

Mean = 2.40

Standard deviation = 1.356

Step-by-step explanation:

Given the data:

X :___ 0 __1 ___ 2 ___ 3 __ 4 __ 5 __Total

P(x)_0.02_0.31_0.25_0.19_0.13 _0.10_ 1.00

The mean [E(X)]

Σx*p(x)

(0*0.02)+(1*0.31)+(2*0.25)+(3*0.19)+(4*0.13)+(5*0.10) = 2.4

The standard deviation :

Std(x) = sqrt[VAR(x)]

Var(x) = ((0^2 * 0.02)+(1^2 * 0.31)+(2^2 * 0.25)+(3^2 * 0.19)+(4^2 * 0.13)+(5^2 * 0.10)) - 2.4^2

Var(X) = 7.6 - 5.76 = 1.84

Std(X) = sqrt(1.84) = 1.356 (3 decimal places)

What is the area of this figure? I give brainliest :)

Answers

Answer:

[tex] 217 \: {mi}^{2} [/tex]

Step-by-step explanation:

Area of the figure

[tex]= 13*7 + 21 * 6 \\ = 91 +12 6 \\ = 217 \: {mi}^{2} [/tex]

"Jonas prepared himself to walk to the stage when the applause ended and the Chief Elder picked up the next folder and looked down to the group to call forward the next new Twelve. He was calm now that his turn had come. He took a deep breath and smoothed his hair with his hand." - The Giver *

1st person
2nd person
3rd person objective
3rd person limited
3rd person omniscient

Answers

Answer:

3rd limited

Step-by-step explanation:

A cone has the same radius and height as a cylinder which has greater volume the cone or the cylinder

Answers

Answer:

The cylinder has the great volume

Step-by-step explanation:

The volume of a cone = (h/3)πr²

The volume of a cylinder = hπr²

The only difference is that h is divided by 3 for the volume of a cone, making the total volume of a cone smaller than the volume of a cylinder with the same radius and height.

NO LINKS!! URGENT HELP PLEASE!!!

Determine if the scenario involves mutually exclusive events.

32. A cooler contains 12 bottles of sports drinks: 4 lemon-lime flavored, 3 orange-flavored, and 5 fruit-punch flavored. You grab a bottle. It is a lemon-lime or an orange.

33. Find the 5 number summary (Min, Q1, Median, Q3, Max) for the following data and draw a box and whisker graph.

18, 24, 28, 28, 36, 44, 50, 67

Answers

Answer:

32)  7/12 ≈ 58.3%

33)  Min = 18
       Q1 = 26
       Median = 32
       Q3 = 47
       Max = 67

Step-by-step explanation:

Question 32

To determine the probability of grabbing a lemon-lime or an orange-flavored bottle from the cooler, we need to calculate the number of favorable outcomes and the total number of possible outcomes.

In the given scenario, there are 4 lemon-lime flavored bottles and 3 orange-flavored bottles in the cooler, plus 5 fruit-punch flavored bottles. Therefore:

Number of favorable outcomes = 4 + 3 = 7Total number of bottles = 4 + 3 + 5 = 12

The probability of grabbing a lemon-lime or an orange-flavored bottle is:

[tex]\begin{aligned}\sf Probability &= \sf \dfrac{Favorable\;outcomes}{Total\; outcomes}\\\\&=\dfrac{7}{12}\\\\& \approx 58.3\%\end{aligned}[/tex]

[tex]\hrulefill[/tex]

Question 33

The five-number summary is a statistical summary of a dataset that includes the minimum and maximum values, the median (middle value), and the first and third quartiles. It provides a concise overview of the distribution and central tendency of the data.

First, sort the given data in ascending order (this has already been done for us):

18, 24, 28, 28, 36, 44, 50, 67

Minimum value

The minimum value is the smallest value in the data set.

[tex]\boxed{\sf Minimum \; value = 18}[/tex]

Median

The median is the middle value of the sorted data.

In this case, we have 8 data points, so the median is the average of the two middle values:

[tex]\boxed{\sf Median\;(Q_2)=\dfrac{28+36}{2}=32}[/tex]

First Quartile (Q₁)

The first quartile is the median of the lower half of the data.

In this case, we have 4 data points in the lower half (18, 24, 28, 28), so the median is the average of the two middle values:

[tex]\boxed{\sf First \;Quartile\;(Q_1)=\dfrac{24+28}{2}=26}[/tex]

Third Quartile (Q₁)

The third quartile is the median of the upper half of the data.

In this case, we have 4 data points in the upper half (36, 44, 50, 67), so the median is the average of the two middle values:

[tex]\boxed{\sf Third\;Quartile\;(Q_3)=\dfrac{44+50}{2}=47}[/tex]

Maximum value

The maximum value is the largest value in the data set.

[tex]\boxed{\sf Maximum\; value = 67}[/tex]

Therefore, the five-number summary for the given data set is:

Min = 18Q₁ = 26Median = 32Q₃ = 47Max = 67

To construct the box and whisker graph (attached):

Draw a box from the lower quartile (26) to the upper quartile (47).Add the median (32) as a vertical line through the box.The whiskers are horizontal lines from each quartile to the minimum (18) and maximum values (67).

The events are mutually exclusive because a bottle cannot be both lemon-lime and orange-flavored simultaneously , the scenario involves mutually exclusive events.

The five-number summary is as follows:

Minimum: 18

Q1: 26

Median: 36

Q3: 47

Maximum: 67

The scenario states that there are 12 bottles of sports drinks in a cooler: 4 lemon-lime flavored, 3 orange-flavored, and 5 fruit-punch flavored. You grab a bottle, and it is either lemon-lime or orange flavored. To determine if this scenario involves mutually exclusive events, we need to assess whether the two events (grabbing a lemon-lime flavored bottle and grabbing an orange-flavored bottle) can occur at the same time or not.

In this case, the events are mutually exclusive because a bottle cannot be both lemon-lime and orange-flavored simultaneously. Therefore, the scenario involves mutually exclusive events.

To find the five-number summary (minimum, first quartile, median, third quartile, and maximum) for the given data and draw a box and whisker plot, we need to arrange the data in ascending order first:

18, 24, 28, 28, 36, 44, 50, 67

Arranging the data in ascending order: 18, 24, 28, 28, 36, 44, 50, 67

The minimum value is 18.

The first quartile (Q1) is the median of the lower half of the data: (24 + 28) / 2 = 26.

The median is the middle value of the data set: 36.

The third quartile (Q3) is the median of the upper half of the data: (44 + 50) / 2 = 47.

The maximum value is 67.

The five-number summary is as follows:

Minimum: 18

Q1: 26

Median: 36

Q3: 47

Maximum: 67

To draw a box and whisker plot, you can use the five-number summary to create a visual representation of the data distribution. However, since I can't draw graphs here, you can create a box and whisker plot yourself. Draw a number line and place a box that spans from Q1 to Q3, with a line inside representing the median. Add "whiskers" extending from the box to the minimum and maximum values.

For such more questions on Five-Number Summary and Mutually Exclusive Events

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8. How tall is a stack of 26 coins each 0.03 m thick? ​

Answers

Answer:

0.78

Step-by-step explanation:

0.03*26=0.78 simple math lol

easton is paid $418.96 weekly. what is his average monthly net, or take-home pay?

Answers

Answer:

293.27

Step-by-step explanation:

418.96 x  .7 = 293.27


What is the value of x in trapezoid ABCD?

Answers

Answer:

15

Step-by-step explanation:

Find the area of the regular octagon with radius of 14
feet.


Answers

Answer:

uhm- ok ok ok level hard o my gosh

A rectangular billboard for a high school is 10 feet high and 20 feet long. In a scale model of the school, the billboard is 3.5 inches long.
How many inches tall is the scale model? ​

Answers

Answer:

I think 1.75

Step-by-step explanation:

the long side is two times the amount of the tall side so take the smaller long side and divide by two.


Please help ASAP please help

Answers

Answer:

64

Step-by-step explanation:

8x4 is 32 multiplied by 2 is 64

V=LxWxH

(length x Width x Height)

(-6, -7) and (3,-4)
Pleaseee helppppppp​

Answers

Answer:

y = x/3 - 5

Step-by-step explanation:

Answer:

y = (1/3)x  - 5 .

Step-by-step explanation:

(-6 , -7) ; (3 ,-4)

Slope = [tex]\frac{y_{2}-y_{1}}{x_{2}-x_{1}}\\[/tex]

          [tex]=\frac{-4-[-7]}{3-[-6]}\\\\= \frac{-4 + 7}{3+6}\\\\= \frac{3}{9}\\\\=\frac{1}{3}[/tex]

m = 1/3   ; (3,-4)

y - y1 = m(x - x1)

[tex]y - [-4]=\frac{1}{3}(x-3)\\\\y + 4 = \frac{1}{3}x-3*\frac{1}{3}\\\\y + 4 = \frac{1}{3}x-1\\\\y =\frac{1}{3}x-1-4\\\\y = \frac{1}{3}x - 5[/tex]

Write a jingle to advertise
favorite dessert to the tune of
"Twinkle, Twinkle Little Star."
What is so special about this
dessert? How can you describe it
in a memorable, catchy way?

Y’all someone help no link ,will be reported

Answers

My Jingle:

Ice cream cake - oh, ice cream cake...

How I love the way you taste...

You melt in my mouth with every bite...

Dreams of you keep me up at night...

Ice cream cake - oh, ice cream cake...

How I love the way you taste.

I hope you like it!

write 98 as a product of its prime factor no links or photo or I will report you​

Answers

the prime factors of 98 are written as 2 x 7 x 7 or 2 x 72,
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