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First Price Auction Sample Homework
Question: An (honest) stamp collector is considering selling one of her prize stamps. Based on some very insightful market research she knows that there are two bidders and each bidder just wants to add the stamp to their own private collection and is not worried about resale value. Depending on their mood the day of the auction each bidder is equally likely to value the stamp at $10, $20 or $30. (The realized values are not correlated across the two bidders, i.e. they are independent, private values. Also assume everyone, including the seller, is risk neutral and if there is a tie we can flip a coin to determine the winner.)
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
Estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y.
Analyze the current market conditions of the Home Depot. Include the history of the Home Depot, the market in which it operates role of government regulations of firm and any issues that the Home Depot faces.
many economists feel the inflation rate is overstated. Analyze the impact of the overestimated inflation rate on the economy; be sure to mention which groups benefit and which groups are hurt by the inaccurate estimate of inflation
Find the Cournot solution for the market price and output of mineral water and illustrate with a simple graph and the marginal revenue function facing a monopolist is given by: MR = 200-20Q Demonstrate that firms A and B have an incentive to coopera..
Using the data on costs and benefits provided what is the NPV and BCR associated with the project given a BCA period of twenty-eight years?
a limited supply of natural gas to consume (assume that no natural gas will be created in the future). Assume the demand for cubic feet of natural gas is given by the equation, P=350-5Q, the extraction of natural gas has a constant marginal cost o..
Assuming the company will remain a "going concern" indefinitely and that the interest rate will remain constant at 10 percent, at what constant rate does the owner believe that profits will grow?
Quotas imposed on Japanese imports into the United States tend to: penalize both U.S. consumers and Japanese consumers. benefit both U.S. consumers and Japanese consumers.
Further, assume that the countries have similar resource endowments and that, initially, they are not trading with each other. Therefore, each of the countries has to produce both rice and tea for its citizens. Suppose that, in the no-trade situat..
Give a numerical example to show that a monopolist's marinal revenue can be upward-slping over prt of its range
How does the existence of money reduce the costs of making transactions ,relative to a society based entirely on barter. English is becoming the usual language for international transactions, even if the language of neither country is English.How ..
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