From experience Mr. Harris has found that the low bid on a construction job can be regarded

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From experience Mr. Harris has found that the low bid on a construction job can be regarded as a random variable having the uniform density

\[f(x)= \begin{cases}\frac{3}{4 C} & \text { for } \frac{2 C}{3}

where $C$ is his own estimate of the cost of the job. What percentage should Mr. Harris add to his cost estimate when submitting bids to maximize his expected profit?

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Probability And Statistics For Engineers

ISBN: 9780134435688

9th Global Edition

Authors: Richard Johnson, Irwin Miller, John Freund

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Question Posted: Apr 23, 2024 07:00 AM

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From experience Mr. Harris has found that the low bid on a construction job can be regarded

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Probability And Statistics For Engineers

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