# 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

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