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Presume that three risk-neutral bidders are interested in purchasing a Princess Beanie Baby. The bidders (numbered 1 through 3) have valuations of $12, $14, and $16, respectively. The bidders will compete in auctions as described in parts (a) and (b); in each case, bids can be made in $1 increments at any value from $5 to $25.
(1) Which bidder wins an open-outcry English auction and what are the final price paid and the profit to the winning bidder?
(2) Which bidder wins a second-price sealed-bid auction? What are the final price paid and the profit to the winning bidder? Contrast your answer here with that for part (a). What is the cause of the difference in profits in these two cases?
What do the behavior genetics research on family influences and the evolutionary explanation of sex differences imply about the amount of influence parental behavior has on how masculine or feminine their sons and daughters become?
A consumer's reservation price is the price at which a:
Johnny Appleseed has an orchard with 1000 trees. Each tree can either produce α pounds of apples or σ pounds of apple sauce. Using the symbols A for apple and S for apple sauce, find the equation of the PPF between A and S (use A as the depe..
Suppose that Neptune Music has the copyright to the latest CD of the heavy Iron Band.Production requires a fixed cost of $100,000 and a constant marginal cost of $2 per unit.
What average annual inflation rate would a monetarist expect if the Fed maintained a growth rate of M2 = 10% per year for a three year period? (Assume that the monetarist felt that the long run average growth rate of RGDP was 3%)
prepare a two- to three-page paper in apa style sixth edition format that describes explains addresses and answers the
suppose that there are 2000 units of a non-renewable resource available over two periods. demand in each period is
Currently, it is difficult to sue the federal goverment unless it agrees to be sued. If the law were changed so that lawsuits (such as by victims of the collapse of the I-35W bridge) were easier, how would this change the incentives.
1. why do economists diagree about the likelihood of a hard-landing?2. why are countries that hold large dollar
Affect resource conservation and the speed of depletion?
discuss the differences between rigid and nonrigid containers. discussing the importance of load securing in
1. greg has a salary of 100. he spends his entire budget on milk and cookies. the cost of a quart of milk is 2.00 and
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