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If some auction participants for crude oil field leases have estimates that the oil in the ground is worth $1.2 million, $1.3 million, or $1.5 million with certainty; and other auction participants have estimates that the same oil field lease is worth $1.1 million, $1.3 million, or $1.5 million with certainty; and a third group of auction participants have estimates the same oil field lease is worth $1.1 million, $1.2 million, or $1.3 million, and all three forecasts contain the true common value, what is that value? How would you as auctioneer-seller design an auction to reduce strategic underbidding and realize this true value?
Calculate the equilibrium price and quantity that will prevail in a free market and calculate the price elasticity of demand and the price elasticity of supply at the equilibrium.
The following data is presented on two mutually exclusive projects under consideration by the XYZ Company: Compute the following values for each project using the time value tables and Microsoft Excel.
What is the law of diminishing returns? Can you provide an example of when diminishing returns have set in (could set in) at a work place?
College enrollments increased at the same time that average tuition rose dramatically. Does this contradict the law of downward-sloping demand?
An interesting example of strategic behavior comes from the 1997 article regarding Microsoft's investment in Apple (New Straits Times, 1997). The article is included in Required Readings list.
What is the equation of his budget line and sketch the budget line and two possible indifference curves that Herbert
Draw the budget constraint for a world with both fixed time costs and fixed money costs of working. What is the effect of fixed costs on the reservation wage?
Based on the assumption that each family spends $100 plus one-half of its total income each week, what is the total weekly consumption spending of a poor family prior to instituting the tax? What is the total weekly consumption spending of a rich ..
Getrag expects its sales to raise 20 percent next year from its current level of $4.7 million. Getrag has current assets of $660,000, net fixed assets of 1.5 million dollar,
The cost of transporting goods and the price of obtaining information has decreased substantially over the past 100 years.
Find out the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also determine the full economic price paid by consumers.
Explain how each of the events described above, affected the world market for oil. Specifically, use a supply and demand diagram to explain changes in price and output.
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