6. Your company must make a sealed bid for a construction project. If you succeed in winning...
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6. Your company must make a sealed bid for a construction project. If you succeed in winning the contract (by having the lowest bid), then you plan to pay another firm 100 thousand dollars to do the work. If you believe that the maximum bid (in thousands of dollars) of the other participating companies can be modeled as being the value of a random variable that is uniformly distributed on (70, 140), how much should you bid to maximize your ex-
pected profit?
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