A business’ success depends on four key factors: financing, location, management, and _____.

Answers

Answer 1

A business’ success depends on four key factors: financing, location, management, and competition.

What is competition?

Competition can be defined as the way in which two or more people compete against each others when trying to achieve a goals which another person is equally trying to achieve.

A business that want to succeed must have goods source of finance to run the business. choosing a  location  very important, management is an essential part of a business that want to succeed  because bad management  or mismanagement can destroy a business.

Therefore A business’ success depends on four key factors: financing, location, management, and competition.

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Related Questions

What's the answer for that one.

Answers

1) Net income = Sales - cost of goods sold = [tex]600[/tex] - [tex]480[/tex] = [tex]120[/tex]

2) Return on assets = Net income /Total assets = [tex]120[/tex]/[tex]532[/tex] = [tex]0.2255[/tex]

3) A corporation has made poor investments and is spending more money if the return on assets is decreasing 10%. However, 10% is acceptable, but if it rises then there will be problems.

4) Any business's foundation is its logistics management.

ways to make logistic management better

I Invest in modern technology;

ii) Thoroughly train your personnel;

iii) Encourage interdependent communication; and

iv) Outsource to 3PL

V) Select and Track KPIs

Planning, managing, and implementing processes to move and store items are all parts of logistics management, which is the governance of supply chain management functions. Transportation management, fleet management, warehousing, material handling, order fulfillment, logistics network design, inventory control, supply/demand planning, and administration of third-party logistics service providers are a few examples of logistics management tasks. Planning, managing, and implementing processes to move and store items are all parts of logistics management, which is the governance of supply chain management functions. Transportation management, fleet management, warehousing, material handling, order fulfillment, logistics network design, inventory control, supply/demand planning, and administration of third-party logistics service providers are a few examples of logistics management tasks.

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PLEASE HELP! QUICKLY!!!
Advertising research indicates that some people are more influenced by advertising than others. Why do you think this is the case? What factors might influence whether advertising influences someone?

Answers

It is likely, advertising influences some people more than others because some people are more likely to remember specific types of information and to follow trends.

What is advertising?

This includes all techniques and means used to promote a product or service. Due to this, advertising includes tv commercials, pop-ups, posters, among others.

Why are some people more influenced by adverstising?

Advertising includes images, audio and videos that refer to a product. Some people remember this information easily. For example, while someone might remember a product based on the logo of it someone might remember it based on the slogan.

What factors might influence whether advertising influences someone?

Besides the type of information presented in the advertising piece, there are other important factors that might influence this phenomenon. These factors include:

Likelihood to follow trends and buy new products.Interest in new products.Age.Gender.Personal preferences.Exposure to advertising.

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Which option describes a bank savings account?

A. An account giving 0.05% interest with no other limitations

B. A deposit that has to be maintained in the bank for 1 year in exchange of a 2% interest.

C. A "basket" of money pooled in by many investors to acquire securities based on the value of cash.

D. An investment in stocks.

Answers

The option that best describes about the  bank savings account is "A deposit that must be kept in the bank for one year in exchange for 2% interest." Thus, option (B) is correct.

What is the saving account?

Saving account refers to the account of the person in the bank in which the individual deposits his money and in return earns the certain percentage of the interest.  

Bank is the entity that accepts the deposits and lends the loan to the people. At the time of the deposit bank lends the interest and in the case of the loan bank charges the interest.

Therefore, it can be concluded that option (B) is correct.

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The person above me is actually correct!

Help with my Project

Answers

An organizational structure is a framework that describes how certain tasks must be carried out in order to accomplish an organization's objectives.

Positions, guidelines, and obligations may be part of these activities. How information is transmitted across layers is also determined by an organization's organizational structure.

It is comparable to the line structure, except here the staff advises, offers ideas, produces reports, approves, and supports the organization. Regulatory agencies, legal firms, insurance companies, and law firms are a few examples of this type of organizational structure.Through the effective coordination of all operations, an effective organizational structure helps each individual realize their goals. decreases the total conflicts between team members and individuals. It eliminates overlap and redundant effort. Runarounds are less likely as a result. Because it directs your company to provide value to a market, the organizational structure is crucial. The series of high-level operations that best describes your primary value-creating process is known as your organization's value chain. It involves putting competitive strategy into practice.

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Which of the following is required to be considered an​ entrepreneur?

Answers

Acting on your own decisions,

Making your own hours,

Doing work you enjoy are required to be considered an​ entrepreneur.

An entrepreneur is a person who starts a new business, taking on the most of the risks and reaping the majority of the gains. The term "entrepreneurship" refers to the act of starting a business. The entrepreneur is frequently viewed as an innovator, a source of novel concepts, products, services, and/or business models. In any economy, entrepreneurs play a crucial role because they have the knowledge and drive to foresee demands and market valuable new ideas. Profits, notoriety, and prospects for ongoing expansion are given to entrepreneurialism that succeeds in assuming the risks involved in founding a startup. Failure in entrepreneurship costs the participants money and reduces their visibility in the market.

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Answer:

The owner of the coffee shop.

Explanation:

Briefly discuss Sherif’s (1966) classic study of boys at summer camp in terms of findings and implications for understanding competition.

Answers

Sherif’s (1966) classic Robbers Cave study of boys at summer camp finds the relationship between the two groups of boys immediately deteriorated when the event began.

In the 1940s and 1950s, social psychologist Muzafer Sherif and his associates conducted a number of investigations, including the Robbers Cave experiment. Sherif investigated the interactions between male groups at summer camps and a competitor group with the hypothesis that "when two groups have competing purposes... their members would become antagonistic to one other even when the groups are constituted of normal well-adjusted individuals at a summer camp " The Robbers Cave study found the incident swiftly escalated once the parties started throwing jabs. The Sherif discovered that the summer camps' surveys, in which they were asked to score their own team and the opposing team on good and bad attributes, contained questions about group animosity.

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4. List and explain the sources of monopoly market

Answers

Question: Hello: ) ✨List and explain the sources of monopoly market ?

Answer: here are three basic sources of monopoly: one created by government, like patents; a large economy of scale or a network externality; and control of an essential, or a sufficiently valuable, input to the production process. There are three major sources of monopoly power: (1) the price elasticity of demand (Ed), (2) the number of firms in a market, and (3) interaction among firms.  

Have an amazing day/night<3

I don’t know what I’m doing

Answers

Me neither man, this needs to be 20 letters or something to post so read this to waste your time

PLEASE HELP ME PLEASE

Answers

I think its D, the last option.

A family spends $56,000 a year for living
expenses. If prices increase 5 percent a
year for the next four years, what amount
will the family need for their annual living
expenses after four years?

Answers

If a  family spends $56,000 a year for living expenses. If prices increase 5 percent a year for the next four years, the amount that the family need for their annual living expenses after four years is $68,068.35.

Annual living expenses

Using this formula

Amount=Amount spent× (1+ rate)^ Number of years

Let plug in the formula

Amount=$56,000× (1+0.05)^4

Amount=$56,000× (1.05)^4

Amount=$68,068.35

Therefore If a  family spends $56,000 a year for living expenses. If prices increase 5 percent a year for the next four years, the amount that the family need for their annual living expenses after four years is $68,068.35.

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When researching an industry, it is best, to begin with, a list of companies in the same industry.
A.)True
B.)False

Answers

Answer:

Explanation:

A.)True

COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST.

GIVE A PROVE YOUR ANSWER

Direction: Read the statements and choose the correct answer from the given choices and prove it.

A. Micro environment
B. Internal environment
C. Economic Aspects
D. Financial Resource
E. Human resources.
F. Macro environment
G. External environment
H. Politico-legal
I. Corporate image
J. Demographic

1. It directly affects the firm's activities.

2. It is all forces and events outside organization effect on its activities.

3. It refers to the size and geographic distribution of the population.

4. It does not immediately affect activities of the firm.

5. It affects the firm in both the revenue side and cost side.

6. A firm should develop, maintain and enhance a good business image.

7. This includes laws, ordinances, and regulations.

8. The social behavior of the employees greatly affects the working of the business.

9. It is a term covering all financial funds of the organization.

10. It is where all functions within a firm.​

Answers

The correct options to each other are mentioned below with their explanation.

What is called a Firm?

A Firm is consists group of people who work together, like an association, a charity, a union, or a corporation.

A. Micro environment - 4. It does not immediately affect activities of the firm.

B. Internal environment- 1. It directly affects the firm's activities. Because internal Forces refers to set of elements which affects organization's or firm's behavior. Today's organizational behavior is influenced by a complicated mix of major influences. People, Structure, Technology, and Environment are the four categories of important factors. People, structure, and technology interact, and these factors are impacted by the environment.

C. Economic Aspects- 6. A firm should develop, maintain and enhance a good business image. If not than it will affect the economy of the firm.

D. Financial Resource- 5. It affects the firm in both the revenue side and cost side. Because financial resources are the backbone of an organization.

E. Human resources- 9. It is a term covering all financial funds of the organization. Because Human resource manages all the firm's activity.

F. Macro environment- 8. The social behavior of the employees greatly affects the working of the business.

G. External environment -  2. It is all forces and events outside organization effect on its activities. Because external Forces is unpredictable and uncontrollable. It is possible to predict economic trends using forecasted data.

H. Politico-legal - 7. This includes laws, ordinances, and regulations. As it is related to law.

I. Corporate image- 9. It is a term covering all financial funds of the organization. It is related to market.

J. Demographic - 3. It refers to the size and geographic distribution of the population. Because demography is an important tool know about the population.

Hence, above mentioned are the correct options of each other.

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What arethe potential downfalls and positive influences of the "Netflix way"?

Answers

It is a rotating entertainment schedule that is subject to alter at any time due to IP licensee disputes, network problems, or service interruptions from the provider via the Internet service provider to the client's internal network. Within the "Netflix way" ethos, Netflix are given a great deal of flexibility and responsibility. Since employees have access to confidential information, it is advisable to give them blunt comments. They may also be trusted with how they handle expenses and vacation requests because they have access to sensitive information.

The "Netflix way," a strategy for creating a workplace culture of almost unlimited transparency, where freedom, personal responsibility, and high salaries reign alongside almost constant criticism and a daily fear of being fired for anything from incompetence to simply not getting along with your boss, are all part of the Netflix way. The capacity for almost any employee to criticize almost anyone else about their work performance at any moment is one of the highlights of the so-called "Netflix way." The "keeper test," which asks managers if they would be willing to fight for a worker's job, is one of the main principles of the company's ideology. In the absence of that, that worker may be put on the firing list.

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the difference between the 5 types of communication

Answers

Answer : Verbal Communication. Verbal communication occurs when we engage in speaking with others.

Non-Verbal Communication. What we do while we speak often says more than the actual words.

Written Communication. what your doing to get answers

Listening

Visual Communication seeing

Explanation:

The following are some changes that may take place in the market for textbooks. For each of the following, indicate what will happen to either the demand for or the supply of textbooks by listing which curve is affected and then the terms: "shift right or "shift left".​

Answers

Explanation:

shift right - the demand will shift right due to everyone needed to replace textbooks because of change. textbooks will be in higher demand

shift left- the supply of textbooks will shift left due to everyone needing new books be ause of the changes. textbooks supply will decrease

COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST.

GIVE A PROVE YOUR ANSWER

Direction: Read the statements and choose the correct answer from the given choices and prove it.

A. Micro environment
B. Internal environment
C. Economic Aspects
D. Financial Resource
E. Human resources.
F. Macro environment
G. External environment
H. Politico-legal
I. Corporate image
J. Demographic

1. It directly affects the firm's activities.

2. It is all forces and events outside organization effect on its activities.

3. It refers to the size and geographic distribution of the population.

4. It does not immediately affect activities of the firm.

5. It affects the firm in both the revenue side and cost side.

6. A firm should develop, maintain and enhance a good business image.

7. This includes laws, ordinances, and regulations.

8. The social behavior of the employees greatly affects the working of the business.

9. It is a term covering all financial funds of the organization.

10. It is where all functions within a firm.​ ​

Answers

The statements presented here represent the nuances of business and management as a whole.

What is a business environment?

The business environment is the sum of all external and internal factors that influence a company. Keep in mind that external and internal factors can both influence and affect a business. A health and safety regulation, for example, is an external factor that influences the internal environment of business operations. Furthermore, some external factors are beyond your control. These elements are commonly referred to as external constraints.

1. It has a direct impact on the firm's operations. - The Microenvironment

2. All external forces and events have an impact on the organization's activities. - Outside Environment

3. It refers to the population's size and geographic distribution. - Demographic information

4. It has no immediate impact on the firm's operations. - The macroenvironment

5. It has an impact on the firm's revenue and cost sides. - Economic Considerations

6. A company's business image should be developed, maintained, and improved. - Company Image

7. Laws, ordinances, and regulations are all examples of this. - Political and Legal

8. Employee social behavior has a significant impact on the operation of the business. - Human capital.

9. It is a term that refers to all of the organization's financial resources. - Financial Assets

10. It is the location of all functions within a company. - The Internal Environment

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Which situation is the best example of regulation in an economic system?

Answers

The situation that is the best example of regulation in an economic system is known to be called option "A state agency has been created to monitor the production and distribution of sports drinks."

What does regulation mean in an economy?

In its broadest sense, regulation is seen as a kind of an imposition of rules by the government, supported by the use of sanctions, with the goal of specifically altering the economic behavior of people and businesses in the private sector.

There are a lot of various regulatory tools or objectives tools and as such,  The situation that is the best example of regulation in an economic system is known to be called option "A state agency has been created to monitor the production and distribution of sports drinks."

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Which situation is the best example of regulation in an economic system? A retail business just opened a new store in a community close to its original location. A small clothing shop slashed it prices to attract customers from a larger department store nearby. A farmers’ market has offered a special deal to customers from a nearby yoga school. A state agency has been created to monitor the production and distribution of sports drinks.

In the first year of a company's operations, it uses FIFO for internal record keeping but LIFO for reporting ending inventory. Ending inventory under FIFO is $90,000, and ending inventory under LIFO is $80,000. The company's year-end LIFO adjusting entry will have what effect on the financial statements?
Multiple Choice
Increase revenues
Increase expenses
Increase liabilities
Increase assets

Answers

The company's year-end LIFO adjusting entry will increase assets (fourth option).

What is the effect of the LIFO adjusting entry?

LIFO means last in first out. LIFO s a method that is used to record the inventory of a company that is purchased. In LIFO, it is assumed that goods purchased last are the first to be sold. Ending inventory consists of goods that were purchased the earliest.

FIFO means first in, first out. FIFO is a method that is used to record the inventory of a company that is purchased. In FIFO, it is assumed that the goods purchased the earliest are the first to be sold and ending inventory is made up of goods that are bought last.

A LIFO adjusting entry is usually needed when a company uses FIFO internally and uses LIFO for reporting purposes. LIFO is usually used for reporting so as to reduce the tax liability. The  LIFO adjusting entry is a contra asset and it is recorded on the balance sheet. This means that it affects either assets or liabilities.

LIFO adjusting entry = FIFO - LIFO

$90,000 - $80,000 = $10,000

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COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST.

GIVE A PROVE YOUR ANSWER

Direction: Read the statements and choose the correct answer from the given choices and prove it.

A. Micro environment
B. Internal environment
C. Economic Aspects
D. Financial Resource
E. Human resources.
F. Macro environment
G. External environment
H. Politico-legal
I. Corporate image
J. Demographic

1. It directly affects the firm's activities.

2. It is all forces and events outside organization effect on its activities.

3. It refers to the size and geographic distribution of the population.

4. It does not immediately affect activities of the firm.

5. It affects the firm in both the revenue side and cost side.

6. A firm should develop, maintain and enhance a good business image.

7. This includes laws, ordinances, and regulations.

8. The social behavior of the employees greatly affects the working of the business.

9. It is a term covering all financial funds of the organization.

10. It is where all functions within a firm.​ ​​ ​ ​​

Answers

A. Micro Environment- It has no immediate impact on the firm's operations.

B. Internal Environment- This is the setting for all company operations.

C. Economic Aspects – It has an impact on the firm's revenue and expense sides.

D. Financial Resource- This phrase refers to all of the organization's financial resources.

E. Human resources – Employee social conduct has a significant impact on how the organization operates.

F. Macro Environment- It has a direct impact on the operations of the company.

G. External Environment- All forces and situations outside the organization that have an impact on its operations.

H. Politico-legal - This category covers laws, decrees, and rules.

I. Demographic– A company should create, preserve, and improve a positive business reputation.

Suppliers, clients, rivals, and other stakeholders all constitute micro environments. Stakeholders include any governing authority and other regulatory entities. Any business owner should be fully informed of the elements affecting the retail sector because the micro environment is typically local to the business.

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Which of the following companies is most likely to use process costing?

Answers

Answer:greenwich company

Explanation:

Give the meaning of book keeping in three effective sentence​

Answers

The term "book-keeping" is the combination of the terms "book" and "keeping."

The act of daily documenting financial transactions for your business into arranged accounts is known as bookkeeping. Additionally, it may be used to describe the many recording methods that companies might employ. Several factors make bookkeeping a crucial step in your accounting process. You can create accurate financial reports that help you gauge business performance when you keep transaction records up to date. In case of a tax audit, thorough records will also be helpful. You will be taken step-by-step through the various bookkeeping techniques, the recording of entries, and the key financial statements included in this manual. Your company needs to determine the approach it will use before it starts bookkeeping. The number of daily transactions and money generated by your firm should both be taken into account when making a decision.

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Please help me with these questions below

Practice write appropriate assertive responses for these situations:

1. Your boss begs you to work Friday night to complete a job. You are not scheduled to work and have already made plans. You say?

2. An employee at your work placement wants you to cover for her/him and tell the boss that she/he worked an afternoon shift if she didn’t work. You say?

3. One of your fellow employees at the placement is speaking to you and accusing another employee of lying. You do not agree. If you say nothing, you will feel that you are agreeing with the accuser and not being loyal to the victim. You say?

Answers

The correct responses for the given question statement are mentioned bellow the statement.

What is called a Job?

A paid position of regular employment in the working field.

1. Your boss of the company  begs you to work Friday night to complete a job. You are not scheduled to work and have already made your plans. I will say to my boss that I will complete the work after Friday, on the next working day, if I am not able to complete it I will complete it in extra time shift.

2. An employee at your work placement/company wants you to cover for her/him and tell the boss that she/he worked an afternoon shift, if she did not work. I will tell the employee that I will not cover for him/her but I will allow him/her extra time to complete the task.

3. One of your fellow employees at the placement/company is speaking to you and accusing another employee of the same company of lying. You do not agree. If you say nothing, you will feel that you are agreeing with the accuser and not being loyal to the victim. I will listen both the employees and than procced with my judgement.

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What are some of the trends that may affect you someday? What skills, abilities, and interests do you have that may fit the global markets of the future?

Answers

Global market is the worldwide marketing. Global job market trends include rise in IT talent, remote work, social marketing, Data analysis, and self-employment.

What are the trends in Global Market?

Global market trends change time-to-time. The essential skills that can help an individual to be more effective in a changing global environment are as follows:

1. Rapport Building - The speed of change requires to make the most of our global network by building rapport across it. Without rapport, we will have no support system to navigate constant change.

2. Curiosity - Curiosity is an attitude that is important to approach a task.

3. Ambition - Ambition is a drive to do things better. For the improvement and moving up in the career ladder ambition is important.

4. Communication - Communication is the key for the proper functioning of an organization. Communication gap will only erode trust and reduce curiosity and ambition.

5. Conflict Resolution - While working in a team members often disagree with each other which could lead to conflict that needs to be resolved. Conflict resolution is helping team members achieve mutually satisfactory solutions regardless of the disagreements.

Therefore, by working on these skills one can fit well into the global markets of the future.

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Should imports to the United States be curtailed by, say
20 percent to eliminate our trade deficit? What might
happen if this were done?

Answers

If the nation should have to reduce their imports by 20 percent in order to curtail trade deficits it would have an effect on the nations that depend on the imports they get from the United States into their own countries.

What is trade deficit?

This is the term that is used to refer to the amount by which the value exports that are done by a nation would be less  than its cost of imports.

This means that the nations would have to trade with other nations that are going to buy the goods that they have. They may have to start to depend on borrowing from other nations.

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what is the author's main purpose in this article

Answers

The main purpose of the article is to talk about the fact that the companies were pushing to have better ways of having to deal with the people that work in their companies.

What is the main purpose of an article?

This is the term that is used to refer to the central message that a given article is trying to pass. It is what the article is making a statement about. This particular article can be said to be more concerned with the ways that businesses have tpo treat the people that work in their organizations.

It talks about the concept of ethical dealings and fairness and all of the ways that they can focus on carrying out other responsibilities that are just beyond making profits in the businesses that they do.'

Hence we can  say that The main purpose of the article is to talk about the fact that the companies were pushing to have better ways of having to deal with the people that work in their companies.

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What is the new changes to Enlisted Promotions and Reduction

I’m trying to promote to Sergeant as an Active Duty Army SPC… I do not have BLC complete and my PPW says “Recommended E-5 STEP NCOES REQ” a few of my buddies all picked up SGT for Octobers list and they are not BLC complete either but they made points I’m currently a 13J I have 355 points for E-5 what’s the new changes with promotion and am I able to pick up e-5 on novembers list..

Answers

Answer:

"picked" (and any subsequent words) was ignored because we limit queries to 32 words.

Your search - What is the new changes to Enlisted Promotions and Reduction I’m trying to promote to ... - did not match any documents.

Suggestions:

Make sure that all words are spelled correctly.

Try different keywords.

Try more general keywords.

Try fewer keywords.

Read the following excerpts and comment on the discussion question:

Buffett, W.E. (1993). Warren Buffett’s 1993 Letter to Berkshire Shareholders. Read the “Common Stock Investments” section
Buffett, W.E. and Munger, C.T. (2007). 2007 Berkshire Hathaway Annual Shareholders Meeting. Watch/read the “6. Volatility is not a measure of risk” section

Question for discussion: Comment why beta or volatility is not a good measure of risk.

Answers

Over the following 12 months, analysts anticipate a 23% return, on average. Berkshire Hathaway encapsulates what Buffett himself looks for in an investment when you take into account its track record, outstanding management, stable financials, and reasonably reasonable value. So it's a wise investment for the long term.

The current value of Bill Gates' ownership stake in Berkshire Hathaway is $9.6 billion. Their largest position, making up 52.35% of their stock portfolio. Owning 1.54% of the shares of Berkshire Hathaway that are currently issued. In Q2 2010, the first Berkshire Hathaway transaction took place.

Because beta is merely a measure of share price volatility, it is unhelpful as a risk indicator or as a predictor of the possibility of long-term financial loss. The basics of a company's business determine the true risk involved.

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This is for Personal Finance:
I have attached the document below.
This needs to be done before the 28th.

Creating a New Budget to Meet Your Saving and Spending Needs project

I also need help filling out the chart.

2. Which budgetary category changed the most between your old budget and your new budget?
Why? (5 points)
3. How does your new budget help you to meet your short-term goal of buying a new laptop? (5
points)
4. How does your new budget help you to meet your long-term goal of saving for college? (5 points)

Answers

In any endeavors, the act of budgeting assists you in achieving your academic and financial objectives.

What is a budget?

It refers to the estimation of revenue and expenses over a specified future period of time which is usually re-evaluated on a periodic basis. Apart from the fact that budget will also assist you in anticipating unforeseen costs and challenges, it also necessitates difficult decision-making but creating goals will make the process easier.

Which budgetary category changed the most between your old budget and your new budget?

In this budget, the net savings changed the most, and this is because of the extra money coming in via total income. Also, an extra $290 was added to the category.

How does your new budget help you to meet your short-term goal of buying a new laptop?

The act of savings and making deposits can be a part of a short term goal by making a budget for being able to purchase a new laptop.

How does your new budget help you to meet your long-term goal of saving for college

When we make sure that savings are enough for college in the time you want in the budget, then, the new budget help you to meet your long-term goal of saving for college.

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Identify successful business and struggling businesses in the community. Compare and
contrast.

Answers

Successful business and Struggling business are present in the types of market.

Successful business refers to the one which have already overcome the consequences of the development phase. They implement policies and procedures according to the market community.

But on the other hand the struggling business are still in their development phase that are still looking  to analyse the market conditions.

Struggling business are defined as the one who are still on the development phase and they keep implementing their policies undertaking the consideration of market but does not take risks.

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Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of will be accepted. Assume that the competitor's bid is a random variable that is uniformly distributed between and .

Answers

0.38 is the probability that your bid will be accepted.

What is probability?

Probability can be defined as the chances that the outcome can occur in a particular event. It also tells the likelihood of the event that is happening or is going to happen.

From the given information in the question, let X be the bid accepted. Here, X Uniform (10200,15000).

The probability density function of X is,

f(x)=: 1/(15000-10200)

=4800

F(X = x) = P(X ≤ x )-a;

10200 < x <15000

Given the condition where the bid is $12,000

The probability that the bid will be accepted:

P(X ≤12000)

[tex]\dfrac{ 12000-10200 }{15000-10200}[/tex]

=1800/4800

= 0.38 (Rounded to two decimal places)

Learn more about Probability, here:

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The question is incomplete, the complete question will be:

Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,200 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,200 and $15,000 .

Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?

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