Answer:
0.49 = 49% probability that your bid will be accepted
Step-by-step explanation:
An uniform probability is a case of probability in which each outcome is equally as likely.
For this situation, we have a lower limit of the distribution that we call a and an upper limit that we call b.
The probability that we find a value X lower than x is given by the following formula.
[tex]P(X \leq x) = \frac{x - a}{b-a}[/tex]
Uniformly distributed between $9,600 and $14,500.
This means that [tex]a = 9600, b = 14500[/tex]
Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
Your bid will be accepted if the competitor's bid X is lower than 12000. So
[tex]P(X \leq 12000) = \frac{12000 - 9600}{14500 - 9600} = 0.49[/tex]
0.49 = 49% probability that your bid will be accepted
