Suppose We Have a 0-1 Output for Whether a Bidder

question 70

Multiple Choice

Suppose we have a 0-1 output for whether a bidder wins a contract in a bidding model (0=bidder does not win contract, and 1=bidder wins contract) . From the mean of this output, what can we determine?

• A) the mean number of bidders
• B) the average winning bid
• C) the probability that the bidder will win the contract
• D) the standard deviation of the next highest competitor's bid
• E) none of these choices

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