Sent a picture of the solution to the problem (s).
Marcus and Jeremy both evaluated the expression −52 + 3. Marcus said the answer was −22. Jeremy said the answer was 28. Who is c
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Answer:
Attached is the profit distribution plotted on the chart and also the detailed solution using excel
Step-by-step explanation:
To solve this problem we have to
- create a column for number of counts ( 1,2,3........1000) bids
- create a column for the cost to be incurred which is mostly dependent on the random number generated. the formula for that using excel is; 9000+ rand()*(11000-9000) for uniform distribution between the numbers
- Four(4) more columns are generated for bids of competitors by using the formula: 10000+rand()*(3*10000-10000) this because the bids that will be submitted by others bidders will vary uniformly between her mean cost and 3 times her mean cost
- Condition is checked to see if the lowest bid is. =IF(MIN(the 4 bids)>14000,1,0)
- Next the same process is carried out for 13000 and 15000
- The probability of winning is calculated in excel using this formula =Countif(value of step 4 for all the rows,1)/1000
