There are 100 bidders in an English auction. A random sample of 40 bidders shows the following

Question:

There are 100 bidders in an English auction. A random sample of 40 bidders shows the following reservation prices:

Assume the bidding distribution is normal.
a. What is the mean value of bids across the 100 bidders?
b. What is the probability of a bid being less than $80?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...