solved:Suppose we are interested in bidding on a piece of land and

  

Suppose we are interested in bidding on a piece of land and we knowone other bidder is interested. The seller announced that the highest bid in excess of$9800will be accepted. Assume that the competitor’s bid xis a random variable that is uniformly distributed between$9800and$14800 Suppose that you know someone is willing to pay you$16,000for the property. You are considering bidding the amount $14800 but a friend suggests you bid $12,900. What is the expected profit for this bid (to 2 decimals)?MathStatistics and Probability QBA 237