The required parameters are missing :
Probable question with parameters :
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor’s bid x is a random variable that is uniformly distributed
between $10,000 and $15,000. a. Suppose you bid $12,000. What is the probability that your bid will be accepted?
Answer:
0.4
Explanation:
Competitor's bid = 10,000 to 15000
Take the interval as:
a = 15,000 ; b = 20,000
f(y) =1/ interval difference = 1/(20000-15000) = 1/5000 = 0.0002
With a bid of 17000:
P(x < 17000 = ∫f(y) dy
∫0.0002dy = (0.0002x) at x = 17000 to x = 15000
0.0002(17000) - 0.0002(15000)
3.4 - 3
= 0.4
You can plug in your variables, of the variables you have are different.