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Johnson Company is preparing a bid on a new construction project. Two other contractors will be...

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Statistics

Johnson Company is preparing a bid on a new constructionproject. Two other contractors will be submitting bids for the sameproject.

Based on past bidding practices, bids from other contractors canbe described by the following probability distributions:

Contractor A: Uniform probability distribution between $500,000and $1,000,000.

Contractor B: Normal probability distribution with a mean bid of$700,000 and a standard deviation of $100,000.

a. If Johnson Company submits a bid of $750,000, what is theprobability Butler will obtain the bid. Simulate 1000 trials of thecontract bidding process. Note: Johnson's bid must be less thanBOTH A and B.

Answer & Explanation Solved by verified expert
4.4 Ratings (814 Votes)
Using Excel we will use the functions500000100000050000RAND to simulate the bids bycontractor    See Answer
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