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Identical items are sold at English auction by one of two methods. One is to auction single items, one at a time. The other is to hold an initial English auction in which the high bidder has the right to buy the lot or a portion of it (at the price he or she bids per unit). If the bidder purchases only some of the items, the remainder are immediately re- auctioned under the same ground rules.
a. Suppose seven identical items are auctioned one by one. What complication does this present for bidders? Which items, the first or the last, would you expect to sell for the lowest prices on average?
b. Suppose the winning bidder can buy all or some of the seven items and any leftovers are re-auctioned. In what sense does this procedure resemble a Dutch auction? How might this affect buyers' bidding strategies?
Demand in the widget market is given by QD = 30 – P, and supply is given by Qs = P + 6. The government imposes a tax on suppliers of t on every widget sold. After the tax is imposed, what is the total price per widget paid by widget buyers?
You have a utility function characterized by u(c)=c^(1/2). If you have just $5 before you play the game (so you have just enough to play), what will your expected utility be if you decide to play the game?
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exploring the microeconomic system from the Biblical perspective
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The text defines an economic system as. Privatization in transition economies is often justified on the grounds of increasing. Which of the following legal forms of business organization provides for limited liability? Dynamic efficiency measures
Define the following terms/concepts and their significance for G&B relations: leadership association, trade association, and specialized business association. Emphasize the differences among these concepts in your definitions.
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