Problem
1. You are searching for a high wage from a wage distribution that is uniform on the interval (5, 8). The cost of each search is 0.06. What is the smallest wage you should accept?
2. A class of 100 students is participating in an auction to see who gets a large jar of quarters. Each student has an unbiased estimate of the total value of the coins. If these estimates are drawn from the interval (0, C), where C is not known, and your own estimate is $50, how much should you bid?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.