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You are considering auctioning a Leonardo Da Vinci original sketch. You entice four bidders to come to your auction. The bidders' valuations of the sketch in decreasing order are $3.0, $2.2, $2.0, and $1.5 (in millions).
• If you used a second-price sealed bid auction, who would win and what would the winning price be?
• If you used a first-price sealed bid auction and the optimal strategy for the participants was to shade their bid by 20% and the participants used this strategy, who would win and what would the winning price be?
• Which auction should you choose to maximize your profit? The first-price bidders shade their bids by 20% of their evaluation of its value. The second-price bidders all utilize the optimal strategy for second price auctions stated in the textbook.
Describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price.
Explain in detail how a decrease in consumer demand for a product will result in less of the product being produced and in fewer resources being allocated to its production.
Explain how would you hope the subsiquent events to affect the price you receive for a bottle of wine.
You manage a US based company that makes shoe laces that you sell in a highly competitive marke
Elucidate what term do economists utilize to describe this second outcome
Compute the arc cross-price elasticity of demand among beverage sales and appetizer prices.
If you increase the vakue of your goods but sell more units is this a violation of the law of demand and how could input suppliers ever lower your profits?
Depends on this information, elucidate the effect on the consumption of cereal.
Assume you have a negotiation between Management and Labor concerning Labor wages. Management and Labor do well when they each do the opposite of what other does.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
At a product price of $56, will this company produce in the short run? If it is preferable to manufacture, what will be the profit-maximizing or loss-minimizing output?
Dot.com Products, offers storage containers for fine china on the Internet. The corporation is the low-cost retailer of these quilted boxes with fixed costs of $480,000 a year,
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