The Professional Beach Volleyball League is accepting bids for televising the national championship playoffs.Competition is stiff,and the league expects bids to be higher this year than last.League officials have estimated that the bid of a particular network might range between $10 million and $20 million,with all values in between considered equally likely.Furthermore,the values of network bids are considered to be (probabilistically)independent of each other.
(a)If the three major television networks bid,what is the expected value of the winning bid?

Question

Quizplus · Accepted Answer

The Answer of The Professional Beach Volleyball League is accepting bids for televising the national championship playoffs.Competition is stiff,and the league expects bids to be higher this year than last.League officials have estimated that the bid of a particular network might range between $10 million and $20 million,with all values in between considered equally likely.Furthermore,the values of network bids are considered to be (probabilistically)independent of each other.
(a)If the three major television networks bid,what is the expected value of the winning bid?

The Professional Beach Volleyball League Is Accepting Bids for Televising