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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?
Answer the above questions if the valuations of the sketch are $3.0, $2.7, $2.0 and $1.5.
a competitive firm sells its product at a price of .10 per unit. its total and marginal cost functions aretc 5 0.5q
Suppose you are the CEO of ClipIt, a paper clip producer. Your firm enjoys a patented technology that allows it to make paper clips faster and at a lower cost than your only rival, FastenIt.
1 answer part a-d for the following formulas.nbspi ye1x ii lnysinxnbsp calculate in radians not degrees for d and fa
Suppose that the price of good X rises and the price of good Y falls in such a way that the consumers new optimal consumption bundle lies on the same indifference curve as his old bundle.
If at a point in time long term interest rates were below short term interest rates, what would this indicate about investors expectations of future short term interest rates? Explain your answer in a few sentences.
IS THE SAVINGS INTEREST RATE OF INTERNET- ONLY BANKS HIGHER OR LOWER THAN THE RATE OF BANKS IN WHICH YOUR DEPOSITS(OR ANY LOCAL BANKS)?
Suppose the airline industry consisted of only two firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Assume that the demand curve for the industry is given by P = 100- Q and that each firm expects the ot..
Wages after inflation rise for most Americans by about 3% and for highly skilled workers by 7%. The stock market soars and home prices rise dramatically. If all other things are equal, what is the likely effect on the poverty rate
the widget industry in springfield is competitive with numerous buyers and sellers. consumers dont differentiate among
question 1 a partial income statement from sizzling foods inc. is shown belownbspnbspnbsp 2011revenuesrevenue from
A company is manufacturing output in a competitive market, where demand is P = 24 - 2Q. Describe the nature of the market failure and derive Pareto optimal level of output.
You need to hire some new employees to staff your startup venture. You know that potential employees are distributed throughout the population as follows
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