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MMLU-Pro / 557 / A contractor has found through experience that the low bid for a job (excluding…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

A contractor has found through experience that the low bid for a job (excluding his own bid) is a random variable that is uniformly dis-tributed, over the interval ( 3c / 4 , 2c) where c is the contractor's cost estimate (no profit or loss) of the job. If profit is defined as zero if the contractor does not get the job (his bid is greater than the low bid) and as the difference between his bid and the cost estimate c if he gets the job, what should he bid, in terms of c, in order to maximize his expected profit?

category

business

options

  1. k = (7c / 4)
  2. k = (3c / 2)
  3. k = (3c / 4)
  4. k = (c / 3)
  5. k = (4c / 3)
  6. k = c
  7. k = (2c / 3)
  8. k = (5c / 4)
  9. k = (5c / 3)
  10. k = (c / 2)

src

stemez-Business

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Source and history

upstream_id / Original problem ID
557
task_id
471261fc-d148-531a-a8ae-651f33951ceb
task_key
default--test--557
task_revision_id
1
config / split
default / test

Official source

initial import