Suppose we are interested in bidding on a piece of land and we know one other bidder isinterested. The seller announced that the highest bid in excess of $10,000 will be accepted.Assume that the competitor’s bid x is a random variable that is uniformly distributedbetween $10,000 and $15,000.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 theproperty?d. Suppose you know someone who is willing to pay you $16,000 for the property. Wouldyou consider bidding less than the amount in part (c)? Why or why not?

Answers

Answer 1

Answer:

a. 0.4 = 40% probability that your bid will be accepted

b. 0.8 = 80% probability that your bid will be accepted.

c. $15,000.

d. Bidding $15,000 guarantees you a profit of $1,000, while trying to bid less than $15,000, you can end up without a profit, thus, you should not consider bidding less than the amount in part (c).

Step-by-step explanation:

Uniform probability distribution:

An uniform distribution has two bounds, a and b.

The probability of finding a value of at lower than x is:

[tex]P(X < x) = \frac{x - a}{b - a}[/tex]

Assume that the competitor’s bid x is a random variable that is uniformly distributed between $10,000 and $15,000.

This means that [tex]a = 10, b = 15[/tex], considering the measures in thousands of dollars.

a. Suppose you bid $12,000. What is the probability that your bid will be accepted?

Probability that the other bidder's bid is less than 12000(X < 12). So

[tex]P(X < 12) = \frac{12 - 10}{15 - 10} = \frac{2}{5} = 0.4[/tex]

0.4 = 40% probability that your bid will be accepted.

b. Suppose you bid $14,000. What is the probability that your bid will be accepted?

Probability that the other bidder's bid is less than 14000(X < 14). So

[tex]P(X < 14) = \frac{14 - 10}{15 - 10} = \frac{4}{5} = 0.8[/tex]

0.8 = 80% probability that your bid will be accepted.

c. What amount should you bid to maximize the probability that you get the property?

The upper bound of the uniform distribution, that is, $15,000.

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?

Bidding $15,000 guarantees you a profit of $1,000, while trying to bid less than $15,000, you can end up without a profit, thus, you should not consider bidding less than the amount in part (c).


Related Questions

Find the equal measures of 1. 28 m = ________ km 2. 3899 ml = ______ l 3. 79 kg = _____ g Show the process of each

Answers

Answer:

1. 0.028 km

2. 3.899 L

3. 79,000 g

Which scenario is modeled by the equation (x) (0.6) = 86 dollars and 46 cents?

Answers

Answer: (C)A picnic table is on sale for 60 percent off. The original price of the picnic table is x, $144.10.

Answer:

Answer: (C)A picnic table is on sale for 60 percent off.

Step-by-step explanation:

well someone copied me but okay :[

What is the value of y in the equation 3y - 8 = 22?
7.3
8
10
14

Answers

The answer to your question is ten

Question 1
Consider the ratio of 153 per 108. Write this ratio in different forms below.
A ratio written as a reduced fraction 17/12
A ratio written as a decimal rounded to the hundredths II
0
(14)​

Answers

Answer:

Collage = Bad lol

Step-by-step explanation:

The value of x for which the expressions 5(3x-4) equal to 2(2x+1)

Answers

Answer:

the value of x is 2.

Step-by-step explanation:

5(3x - 4) = 2(2x + 1)

15x - 20 = 4x + 2

15x - 4x = 2 + 20

11x = 22

x = 22/11

x = 2

I need this by to night somebody help pls

Answers

Answer:

0° < x < 83.76°

Step-by-step explanation:

Assuming a pyramid with a square base, and the height of the pyramid varies from almost zero to almost infinity.

The largest value for the angle x+2 is when the height of the pyramid is almost zero.

Then the face is an isosceles triangle with base 13 and height 14.

The angle opposite the base is then

x+2  = 2*atan(6.5/7) = 2* 42.879 = 85.76°

when the height is almost infinite, the angle is almost zero.

Therefore the range of the value of x

0° < x < 83.76°

A hotel spent $504 on new hair dryers. The hair dryers cost $8 each. The hotel has 6 floors with the same number of rooms on each floor. If every room gets a new hair dryer, how many hair dryers will be left over?

Answers

Answer:

504/8=63/6=10.5

10 rooms per floor with 3 leftover

plz it's do to day HELP PLZ​

Answers

Answer:

9 units^3

Step-by-step explanation:

V = l*w*h

   = 1 1/2 * 4 * 1 1/2

Change to improper fractions

  = 3/2 * 4 * 3/2

   = 36/4

   = 9 units^3

A large university chemistry course has a required textbook available for $ 154 and a recommended supplement for $ 36. The university bookstore finds, over time, that 15% of students enrolled in the course purchase only the textbook, while 75% buy both the textbook and the supplement. No students buy only the supplement. a) What percent of students buy neither the textbook nor the supplement from the bookstore

Answers

Answer:

10% of students buy neither the textbook nor the supplement from the bookstore

Step-by-step explanation:

We have that:

15% buy only the textbook.

75% buy both the textbook and the supplement.

None buy only the supplement.

a) What percent of students buy neither the textbook nor the supplement from the bookstore

15% + 75% = 90% buy at least one of them. So

100% - 90% = 10% buy neither.

The rate to rent a small moving van is $30 per day, plus $2 per mile. Jada rented a van to drive to her new home. It took
two days, and the total cost was $360. How many miles did she drive?

Answers

150 miles cause 150 x 2 is 300 plus the $30 a day fee

Really struggling with this, can someone please help me out and give me a brief explanation?

Answers

Answer:

the answer is 220

Step-by-step explanation:

the formula for surface area of a rectangular prism is A=2(wl+hl+hw)

w = width

h= height

l = length

and when you have those lengths, you have to substitute.

Write an equivalent expression for: 5(5x - 9) *

Answers

Answer:

25x - 45

Step-by-step explanation:

5(5x - 9)

Distribute

5*5x - 5* (9)

25x - 45

Answer:

➛ 25 x - 45

Step-by-step explanation:

➛ 5 ( 5 x - 9 )

Using distributive property multiply both by 5

➛ 5 × 5 x - 5 × -9

➛ 25 x - 45

Solve for x: 12x+5=3x+35

Answers

Answer:

The answer would be 3.33.

Step-by-step explanation:

Simplifying 12x + 5 = 3x + 35

Reorder the terms: 5 + 12x = 3x + 35

Reorder the terms: 5 + 12x = 35 + 3x

Solving 5 + 12x = 35 + 3x

Solving for variable 'x'.

Move all terms containing x to the left, all other terms to the right.

Add '-3x' to each side of the equation. 5 + 12x + -3x = 35 + 3x + -3x

Combine like terms: 12x + -3x = 9x 5 + 9x = 35 + 3x + -3x

Combine like terms: 3x + -3x = 0 5 + 9x = 35 + 0 5 + 9x = 35

Add '-5' to each side of the equation. 5 + -5 + 9x = 35 + -5

Combine like terms: 5 + -5 = 0 0 + 9x = 35 + -5 9x = 35 + -5

Combine like terms: 35 + -5 = 30 9x = 30

Divide each side by '9'. x = 3.333333333

Simplifying x = 3.333333333

Jordan is going to a friends birthday party. He couldn’t decide if he should wear a coat so he checked the weather. The weather report showed it would be -11 degrees in the morning but by the afternoon there would be a drastic increase of 73 degrees. Write an equation that represents this situation. Then find the temperature in the afternoon.
plz reply within five minutes and plz give an explanation on your process and how did you approach your problem and ofc loving the question.

Answers

Answer:

-11 + 73

62°

Step-by-step explanation:

Morning temperature = - 11

Afternoon temperature = morning temperature + 73°

We obtain the temperature in the afternoon by adding the 73° increase in temperature temperature the morning temperature ;

Hence, temperature in the afternoon will be :

-11° + 73° = 62°

Hence, after oon temperature will be 62°

WILL MARK BRAINLIEST!!
Which is the graph of g(x)

Answers

Answer:

the second one after first

Step-by-step explanation:

it strictly obeys the rules of boundary

The club with an occupancy of 100 will sell out at $25 per ticket. If the owner decides to increase the price by $5, then 2 less tickets will be sold. Determine the revenue function if x is the number of $5 increases.

Answers

Answer:

100 + (5X) = -2X

Step-by-step explanation:

Since the club with an occupancy of 100 will sell out at $ 25 per ticket, and if the owner decides to increase the price by $ 5, then 2 less tickets will be sold, to determine the revenue function if X is the number of $ 5 increases the following calculation must be performed:

100 + (5X) = -2X

So, for example, if the price were increased by $ 15, the equation would apply as follows:

15/5 = 3

100 + (5x3) = -2 x 3

100 + 15 = -6

115 = -6

A random sample of 10 college students was drawn from a large university. Their ages are 22, 17, 27, 20, 23, 19, 24, 18, 19, and 24 years, with a sample standard deviation of 3.2. Suppose that you want to test whether the population mean age differs from 20. What is your decision based on a test at a 1% significance level

Answers

Solution :

Given :

The sample mean = 21.3

Standard deviation = 3.2

The null hypothesis is : [tex]H_0: \mu =20[/tex]

The alternate hypothesis : [tex]H_a:\mu \neq20[/tex]

This is a two tailed test, for which a [tex]\text{t-test for one mean}[/tex] with an unknown population of a standard deviation is being used.

Now the significance level, [tex]\alpha = 0.1[/tex], as well as the critical value for a two tailed test is [tex]t_c = 1.833[/tex]

The rejection region is [tex]R = \{ t:|t| > 1.833 \}[/tex]

The t-statistic is computed as follows :

[tex]t=\frac{\overline x - \mu_0}{s/ \sqrt n}[/tex]

[tex]t=\frac{21.3-20}{3.2/ \sqrt{10}}[/tex]

 = 1.285

Since it is observed that [tex]|t| = 1.285 \leq t_c=1.833[/tex], it is then concluded that  [tex]\text{the null hypothesis is not rejected.}[/tex]

The p-value is p=0.231 and since p 0.231 ≥ 0.1, it is concluded that [tex]\text{the null hypothesis is not rejected.}[/tex]

Conclusion

Thus we concluded that [tex]\text{null hypothesis}[/tex] [tex]H_0[/tex] is not rejected. Therefore, the population mean [tex]\mu[/tex] is different than 20, at the 0.1 significance level.

Let the sequence be 1, 3, 5, 7, 9……… then this sequence is

Answers

the answer is 11 because 2 multiple are increasing

Answer:

An arithmetic sequence, The difference in any term with the previous term is same.

Step-by-step explanation:

See, ah this is a little bit easy question so let’s start solving it -:

Firstly, um see the difference between the given numbers-: 1, 3, 5, 7,9 _?

Between 1 and 3 the difference is 2

Between 5 and 3 the difference is 2

Between 7 and 5 the difference is 2

Between 9 and 7 the difference is 2

So, here we see the difference among all is same. So. it is an arithmetic sequence.

So, let's   find the fourth term. We can either do it by arithmetic progression or  by simply adding 2 to 7. I.ll first show you by doing A.P. then we will check the answer by adding 2 to 7.

So, as we know the basic formula of A.P. which is -: a1+(n-1)d

Here, a1=1, n=5, d=2

Let’s put the values in the formula-: 1+(5–1)2 = 1+(4)2 = 1+8 = 9

Now let’s check it. As the difference between each digit is same so definately the difference between 9 and the unknown number is 2.

Then, the unknown no. is 9+2 = 11

Hence, the answer is 11

Social scientists discovered that 1,013 General Social Survey (GSS) respondents in 2010 watched television for an average of 3.01 hours per day, with a standard deviation of 2.65 hours per day. Answer the following questions, assuming the distribution of the number of television hours is normal.

Required:
a. What is the Z score for a person who watches more than 8 hr/day?
b. What proportion of people watch television less than 5 hr/day? How many does this correspond to in the sample?
c. What number of television hours per day corresponds to a Z score of +1?
d. What is the percentage of people who watch between 1 and 6 hr television per day?

Answers

Answer:

Following are the responses to the given question:

Step-by-step explanation:

[tex]Sample \ size = n = 1013\\\\\mu = 3.01\\\\\sigma = 2.65[/tex]

For point a:

Using formula:

[tex]Z = \frac{(X - \mu)}{\sigma}\\\\X = 8\\\\Z = \frac{(8- 3.01)}{2.65} = 1.88\\\\[/tex]

For point b:

[tex]P(X<5)=?\\\\ x = 5\\\\ Z = \frac{(X - \mu)}{\sigma} = \frac{(5 -3.01)}{2.65} = 0.7509434\\\\P(Z< 0.7509434) = 0.7736566\\\\P(X<5) = P(Z< 0.7509434) = 0.7736566[/tex]

For point c:

[tex]X=? \\\\Z = 1\\\\\text{Formula for X score:}\\\\X = \mu + Z \times \alpha\\\\X = 3.01 + 1\times 2.65 = 3.01 + 2.65 = 5.66[/tex]

For point d:

[tex]P(1 \leq X \leq 6)=? \\\\P(1 \leq X \leq 6) = P(X \leq 6) - P(X\leq 1) = P(X< 6) - P(X<1)\\\\\text{Z score for x} = 6\\\\Z = \frac{(6 - 3.01)}{2.65} = 1.128301887 \\\\P(Z< 1.128301887) = 0.870403777 \\\\P(X<6) = P(Z< 1.128301887) = 0.870403777 \\\\\text{Z score for x} = 1 \\\\[/tex]

[tex]Z = \frac{(1 -3.01)}{2.65} = -0.758490566\\\\P(Z< -0.758490566) = 0.224078679\\\\P(X<1) = P(Z< -0.758490566) = 0.224078679 \\\\P(1 \leq X \leq 6) = P(X \leq 6) - P(X\leq 1) = P(X<6) - P(X<1) \\\\ = 0.870403777 - 0.224078679 = 0.646325097 \\\\\text{Required probability} = 0.646325097[/tex]

If using the method of completing the square to solve the quadratic equation
x^2 + 8x – 4 = 0, which number would have to be added to "complete the square"?

Answers

Step-by-step explanation:

everything can be found in the picture

Solve the compound inequality

Answers

Answer:

B

Step-by-step explanation:

Answer:

I'm  so sorry I did not mean to answer! Ignore my response

Step-by-step explanation:

An aeroplane descended 1.4 miles to an elevation of 0.6 miles as shown by the equation below.
Solve the equation to find the elevation of the plane before its descent.
x-1.4 = 0.6
A 0.8
B 1.0
C 2.0
D 1.2
Quick

Answers

Answer:

C 2.0

Step-by-step explanation:

x-1.4 =0.6

add 1.4 to both sides

x=2.0

In general, half of all the customers you speak to will ask about any upcoming pricing discounts or promotions. Of those who do ask, only 20% qualify for the discount. So that means if I speak to 300 customers, how many will qualify for the discount

Answers

Answer:60

Step-by-step explanation:

300 of 20% is 60

The number of qualified customers for the discount will be 60.

What is the percentage?

The Percentage is defined as representing any number with respect to 100. It is denoted by the sign %. The percentage stands for "out of 100." Imagine any measurement or object being divided into 100 equal bits.

It is given that half of all the customers you speak to will ask about any upcoming pricing discounts or promotions. Of those who do ask, only 20% qualify for the discount. So that means if I speak to 300 customers.

The number of qualified customers will be calculated as below:-

The qualified customers are 20% of 300.

Number = 300 x (20/100)

Number = 300 x 0.2

Multiply the number 330 with 0.2 to get the final value.

Number = 60

Therefore, the number of qualified customers for the discount will be 60.

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Find the array to finish 976 divided by 8. NO LINKS!!!

Answers

Answer:

976 ÷ 8 =

8 groups of n = 976

n groups of 8 = 976

122

____

8 | 976

- 8

____

176

- 16

_____

160

- 160

______

0

Which of the coordinate pairs below are separated by a horizontal distance of greater than 11 units? Select all that apply.
A) (-6.4, 5.1) and (5.5, 5.1)
B) (4.7, -5.5) and (-3.3, -5.5)
C) (11/3, 4) and (−10/3, 4)
D) (-12, 5) and (2, 5)

Answers

9514 1404 393

Answer:

   A, D

Step-by-step explanation:

The horizontal distance between the points is the difference of their x-coordinates.

A) 5.5 -(-6.5) = 12.0 . . . greater than 11

B) 4.7 -(-3.3) = 8.0

C) 11/3 -(-10/3) = 21/3 = 7

D) 2 -(-12) = 14 . . . greater than 11

Find the volume of the prism.
4.8 m
10 m
7.2 m

Answers

Answer:

172.8 m^3

Step-by-step explanation:

Volume for triangualr prism formula:

1/2 • length • width • height

Use formula with given dimensions:

1/2 • 7.2 m • 10 m • 4.8 m = 172.8

Volume is measured in cubic meters

(meters in this situation)

FINAL ANSWER:

172.8 cubic meters

Hope this helps!

The volume of the given prism is 172.8 cubic centimeters.

The given prism is a triangular prism with base length of 7.2m.

Height of 4.8m

Length of 10m.

The formula for volume of prism is V=1/2 bhl

Plug in the values of length , breadth and height:

V=(1/2) × 10 × 4.8 × 7.2

V=5×4.8×7.2

V=172.8 cubic centimeters.

Hence, the volume of the given prism is 172.8 cubic centimeters.

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What is the distance between the two points? (-18, -6) & (-18,-1)

A. 4
B. 5
C.6
D. 7

Answers

Answer:

5

Step-by-step explanation:

D² = ( x2 - x1 )² + ( y2 - y1 )²

= [ (-18) - (-18) ]² + [ (-1) - (-6) ]²

= ( -1 + 6 )²

D² = ( 5 )²

hence, D = 5

Answer: B) 5

Step-by-step explanation:

Let's start by finding the distance from one x coordinate to the other. Remember subtracting by a negative is the same as adding a positive

-18-(-18)

-18+18

0

There is no distance away from the x value so the distance we need to count is from the y value

-1-(-6)

-1+6

5

The distance between the two points is 5.

11. f(x) = x + 3, g(x) = -x + 2. Find (f + g)(x)

Answers

Answer:

(f + g)(x) = 5

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

Brackets Parenthesis Exponents Multiplication Division Addition Subtraction Left to Right

Algebra I

Terms/CoefficientsFunctionsFunction Notation

Step-by-step explanation:

Step 1: Define

Identify

f(x) = x + 3

g(x) = -x + 2

(f + g)(x) is f(x) + g(x)

Step 2: Find

Substitute in function values:                                                                          (f + g)(x) = x + 3 - x + 2[Subtraction] Combine like terms (x):                                                              (f + g)(x) = 3 + 2Add:                                                                                                                   (f + g)(x) = 5

Latoya Abdul and dale sent a total of 88 text messages over their cell phones during the weekend Latoya sent 8 more messages than Abdul.Dale sent 4 times as many messages as Latoya how many messages did they each send?

Answers

Answer:

Abdul - 8 messages

Latoya - 16 messages

Dale - 64 messages

Total - 88 messages

Step-by-step explanation:

A: (x)

L: (A + 8)

D: (L* 4)

A: 8 = 8

L: 8 + 8 = 16

D: 16 * 4 = 64

8 + 16 + 64 = 88

Hope this helps!

A grocery store chain uses loyalty cards that offer discounts on sale attheir store. The probability that a randomly chosen shopper has a loyaltycard is 0.8. A group of shoppers have been selected at random to completea customer satisfaction survey. Let Xi be a random variable that equals 1 when a customer has a loyalty card and 0 otherwise.

Required:
a. Construct a joint probability table for the random variables X, and X.
b. Define the event that the first four customers sampled have loyalty cards in terms of the random variables X, X2, X3, and Xd. Then compute the probability of this event.

Answers

The answer is a cause
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