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# Maximizing profits for a condo construction bid

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Condo construction Company is bidding on an important construction job. The job will cost \$2.5 million to complete. One other company is also bidding for the job. Condo believes that the opponents bid is equally likely to be any amount between \$3 and \$5 million, that is, the opponents bid is uniformly distributed over the interval [\$3 million, \$5 million]. If Condo wants to maximize its expected profits, what should its bid be?

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#### Solution Preview

Suppose condo bids for x million dollars. x is between 3 and 5. Because its
component bid is equally distributed in [3,5], then its ...

#### Solution Summary

The solution calculates the best bid a condo construction company should bid in order to maximize its expected profits.

\$2.19

## The Uniform Commercial Code (UCC) and UCITA

Before the UCC and the UCITA, what was one of the first, and most significant, of the U.S. government's attempts to promote uniformity in commercial laws from state to state? (Hint: think of "commerce" and Constitution).

Based on the information presented above, what do you see as the major differences between Article 2 of the Uniform Commercial Code and UCITA?

What is the legal distinction between selling a product and licensing it?

Many of the provisions in the UCITA were first proposed as a modification to Article 2 of the UCC. Why do you think the drafters decided to propose it as a separate and distinct uniform act?

I need information about those questions. Thank you.

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