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A seller knows that there are two bidders for the object she is selling. She believes that with probability 1/2, one has a buyer value of £5 and the other has a buyer value of £10 and, with probability 1/2, one has a buyer value of £8 and the other has a buyer value of £15. She knows that bidders will want to buy the object so long as they can get it for their buyer value or less. She sells it in an English auction with a reserve price which she must set before the auction starts. (a) Suppose that the reserve price is equal to 5 pounds. What is the sellers expected revenue from the auction?(b)Suppose that the reserve price is equal to 8 pounds. What is the sellers expected revenue from the auction?(c)Suppose that the reserve price is equal to 10 pounds. What is the sellers expected revenue from the auction?(d)Suppose that the reserve price is equal to 15 pounds. What is the sellers expected revenue from the auction?(e) What reserve price maximises the seller's revenue?
Presume you make an annual contribution of $10,000 to your savings account at the end of each year for 8 years. If the account earns 6 percent interest annually, how much can be withdrawn at the end of 8 years?
Why might the Fed find it significantly easier to expand the money stock in a period of prosperity than in a period of recession? What must the Fed be able to do if it wants the quantity of money in the hands of the public to increase?
a small supermarket is trying to determine how many copies of people magazine it should order next week. the owner
How is the price consumption curve derived and what information does it supply to the manager.
In what respect is the economic decision to move across international borders an investment decision and what are the "twin" problems of the health care industry as viewed by society? How are they related?
Your firm currently uses 69 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is 100 per day. Fixed costs are $2100 per day. What is to..
A prime minister of an emerging country once bragged that he was going to make his country self-sufficient and independent of foreigners. Do the principles of economics suggest anything about how you as a native of that country might have been aff..
What happens to the level of output and the price level in the short run and long run according to okun's law, what happens to unemployment in the short run and in the long run ( hint: okuns law is the relationship between out and unemployment)
What is the level of saving and consumption in the U.S. today? As a consumer should you be saving or consuming? Is this something the government should try and influence?
demand can be estimated with experimental data time-series data or cross-section data. in this case cross-section data
A bond with no expiration date has a face value of $10,000 and pays a fixed 10 percent interest. If the market price of the bond rises to $11,000, the annual yield approximately equals.
Analyze and comment on economic analyses of health administrative innovations that are germane to the provision of health services. How have these innovations become more significant in health care delivery within the context of the Affordable Care A..
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