A consultant knows that it will cost her $10,000 to fulfill a particular contract. The con- tract is to be put out for bids, and she believes that the lowest bid, excluding her own, can be represented by a distribution that is uniform between $8,000 and $20,000. Therefore, if the random variable X denotes the lowest of all other bids (in thousands of dollars), its probability density function is for 8 If the predicted eamings and forecast error are independent of each other, show that the variance of predicted earnings is less than the variance of actual earnings.