What is the expected winning bid if there are two bidders

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At an oral auction for a chafing dish, half of all bidders have a value of $200 and half have a value of $140. What is the expected winning bid if there are two bidders?

Reference no: EM131407931

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What is the expected winning bid if there are two bidders : At an oral auction for a chafing dish, half of all bidders have a value of $200 and half have a value of $140. What is the expected winning bid if there are two bidders?
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