chrome File Edit View History Bookmarks Profiles Tab Window Help 3'. 2% 1\" Q a n- Thu Feb16 1:21PM L O W' Ch. 6: Continuous Probability X 6 ChapterSHomework-Conne X l u HomeworkCHZanswers expl X l + v C i webassign.net/web/Student/AssignmentResponses/lutorial?dep:3068'l342&lags=autosave#question4264976_'l [I] '1} It U 8 5 4. [2.08/12.5 Points] PREVIOUS ANSWERS ASWSBE14 6.E.007. ASK YOUR TEACHER PRACTICE ANOTHER 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 $15,000 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $15,000 and $20,000. (a) Suppose you bid $17,000. What is the probability that your bid will be accepted? - (b) Suppose you bid $19,000. What is the probability that your bid will be accepted? -x (c) What amount should you bid in dollars to maximize the probability that you get the property? $ (d) Suppose you know someone who is willing to pay you $21,000 for the property. What is the expected prot in dollars if you bid the amount given in part (c)? $ 7 F' $ nd a bid in dollars which produces a greater expected prot than bidding the amount given in part (c). (If an answer does not exist, enter DNE.) Would you consider bidding less than the amount in part (c)? Why or why not? 0 Yes. There is a bid which gives a greater expected profit than the bid given in part (c), and thus a higher expected profit is possible with a bid smaller than the amount in part (c). O No. The bid which maximizes the expected prot is the amount given in part (c), thus it does not make sense to place a smaller bid. Need Help? "BEE-515334 (woe Chrome File Edit View History Bookmarks Profiles Tab Window Help Q 8 Thu Feb 16 1:21 PM A Ch. 6: Continuous Probability D X Chapter 9 Homework - Connec X Homework CH 2 answers explax + -> C webassign.net/web/Student/Assignment-Responses/tutorial?dep=30681342&tags=autosave#question4264976_1 7. [4.16/12.5 Points] DETAILS PREVIOUS ANSWERS ASWSBE14 6.E.014. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You may need to use the appropriate appendix table to answer this question. Given that z is a standard normal random variable, find z for each situation. (Round your answers to two decimal places.) (a) The area to the left of z is 0.9750. 1.96 (b) The area between 0 and z is 0.4750. 1.96 (c) The area to the left of z is 0.7291. 0.66 X (d) The area to the right of z is 0.1271. -1.14 X (e) The area to the left of z is 0.7454. 0.67 X (f) The area to the right of z is 0.2546. -0.67 X Need Help? Read It 8. [12.5/12.5 Points] DETAILS PREVIOUS ANSWERS ASWSBE14 6.E.022. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER 10 0 FEB 4 13 17