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Thread: Another Uniform Distribution

  1. #1
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    Exclamation Another Uniform Distribution

    I'm just going to throw this one out there verbatim.

    A contractor has found through experience that the low bid for a job (excluding his own bid) is a random variable that is uniformly distributed over the interval (.75C, 2C), where C is the contractor's cost estimate (no profit or loss) of the job. If profit is defined as 0 if the contractor does not get the job (his bid is greater than the low bid) and as the difference between his bid and his cost estimate C, if he gets the job; what should he bid (in terms of C) to maximize his expected profit?
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  2. #2
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    This question is already answered in a couple threads down. I posted it.
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