\=] SUPPOSE YOU bid EZZ, OOO . What is the probability that your bid will be ACCEPTED ? ['D ) SUPPOSE You bid $ 24, 0 00. What is the probability

20,000x20,00025,000

\=] SUPPOSE YOU bid EZZ, OOO . What is the probability that your bid will be ACCEPTED ?['D ) SUPPOSE You bid $ 24, 0 00. What is the probability that your bid will be accepted?[C ; What amount should you bid in dollars to maximize the probability , that You get the property ?"\}} SUPPOSE YOU KNOW Someone Who I willing to pay You IZE, GOD for the property .What is the Expected profit in dollars if You bid the amount given in part ( = ] ?`IFind = bid in dolars which produce= & greater EXPECTED profit than bidding the =mount given in PEN [ . ( If an answer DOES not Exist , EnterIwould You consider bidding lezz than the =mount in part [ [ ! ? Why or why not ?O'Es . There is = bid which give= = greater Expected profit than the bid given in part {{) , and thus a higher Expected Profit is Possible with =bid smaller than the =mount in part ! .` No. The bid which maximizes the EXPECTED profit is the amount given in part (C). thus it does not make SENSE to PEC= = =ITallEr bid .