Mathematics: You are the only bidder in an online auction of a nintendo wii system with games and accessories. The seller has set a secret reserve price (the minimum price she is willing to accept for the wii). Assume that the secret reserve price x is uniformally distributed between $240 and $320.1) Height of the probability density function f(x) varies with x as follows (round to four decimal places). 240 ≥ x ≥ 3202) You enter a bid of $280 for the wii. What is the probability that you ll win the auction?3)

Uh idekStep-by-step explanation:Srry I need points...

You are the only bidder in an online auction

djs1002

17.04.2021

1. 1/80 = 0.0125

2. 1/2 = 0.5

3. 280

4. 23.09

5. 1/2 = 0.5

Step-by-step explanation:

1. height of probability density function

$\frac{1}{320-240} \\= \frac{1}{80}$

= 0.0125

2. probabilty that you will win the auction given a bid of 280

= $\frac{280-240}{320-240} \\=\frac{40}{80} \\= \frac{1}{2}$

3. mean secret service price

$\frac{320+240}{2} \\=\frac{560}{2} \\= 280$

4. the standard deviation of the above

= (320-240)/12^1/2

= 23.09

5. with a new bid of 300 dollars, probability you will win auction

= [(300-280)/(320-240)]/[(320-280)/(320-240)

= (20/80) / (40 /80)

= 0.25/0.5

= 0.5

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