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Suppose we are interested in bidding on a piece of land and we know one other...

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 is a random variable that is uniformly distributed between $10,200 and $15,000 .

Suppose you bid $12,000 . What is the probability that your bid will be accepted (to 2 decimals)?

Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? What is the expected profit for this bid (to 2 decimals)?

Math   Statistics-And-Probability   
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