Elucidate how all step by step calculations to arrive

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Reference no: EM1315528

Q. CPT Inc. is a local manufacturer of conveyor systems. Last yr, CPT sold over $2 million worth of conveyor systems which netted the company $100,000 in profits. Raw materials also labor are CPT's biggest expenses. Spending on structural steel alone amounted to over $500,000, or 25 percent of total sales. In an effort to reduce costs, CPT now uses an online procurement procedure which is best Elucidated as a first-price, sealed-bid auction. The bidders in these auctions utilize the steel for a wide variety of purposes, ranging from art to skyscrapers. This suggests which bidder's value the steel independently, although it is perceived which bidder valuations are evenly distributed between $5,000 also $20,000. You're the purchasing manager at CPT also are bidding on three tons of 6" hot-rolled channel steel against five other bidders. Your company values the three tons of channel steel at $12,000. Illustrate what is your optimal bid? Elucidate how all step by step calculations to arrive at solution.

Reference no: EM1315528

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