Question

A city accepts the minimum of three bids on a construction project. The three bids are independently and uniformly distributed on the interval from 100,000 to 110,000. Find the expected value of the accepted bid.

Answer 1

The expected value of the accepted bid is

u = 105,000 This is further explained below.

What is the expected value of the accepted bid.?

Generally, the equation for the Mean  is  mathematically given as

u= Expected valve

u=b+a/2

Therefore

u=110,000+100,000/2

u = 105,000

In conclusion, the expected value of the accepted bid.

u = 105,000

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