### Consider the first price auction

##### Reference no: EM1315429

Q1. Assume your elasticity of demand for your parking lot spaces is -2 also price is \$8 per day. If you Marginal Cost are zero also your capacity is 80percent (%) full at 9am over the last month, are you optimizing?

Q2. One unit of object is going to be sold via auction. There are two bidders, A also B. Their willingness to pay are known to be either of 10, 20,30,40,50 also bids are also restricted to those values. Assume A's WTP is 20 also B's is 40. Ties are broken by coin flip also assume they are risk neutral.

(1) Consider the first price auction. Write down the payoff matrix also find all Nash equilibrium

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