Assume That There Are 9 Bidders with Reservation Prices Independently

question 40

Multiple Choice

Assume that there are 9 bidders with reservation prices independently and uniformly distributed between $100,000 and $180,000. What is the expected value of the highest reservation price of the nine potential buyers?

• A) $140,000
• B) $160,000
• C) $164,000
• D) $172,000
• E) $175,000

---

Definitions:

Human Factors Psychologist

A psychologist focusing on how people interact with products, systems, and environments to improve usability and performance.

Distractions

Interruptions that divert an individual's attention from the intended focus.

Leadership

The action of leading a group of people or an organization, or the ability to do this.

Motivate

To provide someone with a reason or incentive to do something.