Anna's Antiques expects to get two bidders for the unique china teacup it sells.Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability.What combinations of customers can Anna expect?
A)High value,high value
B)High value,low value
C)Low value,low value
D)All of the above

Question

Anna's Antiques expects to get two bidders for the unique china teacup it sells.Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability.What combinations of customers can Anna expect?
A)​High value,high value
B)High value,low value
C)Low value,low value
D)​All of the above

Quizplus · Accepted Answer

Given that each bidder can have either a high value or a low value for the teacup with equal probability, Anna can expect all combinations of customer values: two high-value customers, one high-value and one low-value customer, and two low-value customers.

Anna's Antiques Expects to Get Two Bidders for the Unique