Let X1, X2, …, Xn be random variables denoting n independent bids for an item that is for sale….

Let X1, X2, …, Xn be random variables denoting n independent bids for an item that is for sale….
Let X1, X2, …, Xn be random variables denoting n independent bids for an item that is for sale. Suppose each Xi is uniformly distributed on the interval [100, 200]. If the seller sells to the highest bidder, how much can he expect to earn on the sale? [Hint: Let Y = max(X1, X2, …, Xn). Use the results of Sect. 4.9 to find E(Y).]Refer back to Exercise 145.  (a) Determine the marginal pdf of X and the conditional pdf of Y given X = x. (b) Write a program to simulate (X, Y) using the conditional distributions method presented in this section.  (c) What advantage does this method have over the accept–reject approach used in Exercise 145? Apr 08 2022 03:23 PM

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