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15.3 Exercise 24

Avg difficulty 2.5

The number of bids on a job is a random variable N∼N \sim binomial (7, 0.6). Bids (in thousands of dollars) are iid with Y uniform on [3,5]\left[3 , 5\right]. What is the probability of at least one bid of $3,500 or less? Note that “no bid” is not a bid of 0.

Pfeiffer, Applied Probability, 15.3 Problems on Random Selection, exercise 24

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Adapted from Applied Probability © 2009 Paul E. Pfeiffer. Licensed under CC BY 3.0. Source: Applied Probability. Imported at revision d7a0420.