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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?
If good X is normal and good Y is inferior, following a loss of income: The consumer's utility will be unchanged.
What has happened to the level of desired consumption and why? Be sure to refer to the substitution effect in your answer! Be specific with numbers
To what extent do you think normative economic analysis, as opposed to positive economic analysis, determines our country's economic public rule decisions made by the government?
Find the first order conditions and find the asset demand function for a when utility takes the log form, as in 1B above.
aerotron electronics is considering purchasing a water filtration system to assist in circuit board manufacturing. the
Penny is making pipe cleaner flowers to sell on Etsy for $1 apiece. Penny and her friends become more efficient as they gain practice in flower production. The first 100 flowers cost $1.50 apiece. The next 100 cost $1.25 apiece. The next 100 cost $1...
Each car manufacturer undertakes dynamic advertising campaigns seeking to persuade prospective buyers of the superior quality and better style of his cars and reacts very quickly to claims of superiority by his rivals.
.if individuals are free to produce whatever goods they want, then when excess profit is being made, more people will enter into the production of that good and consumers will benefit as the price is pushed down.
You are the owner of a fast-food restaurant. Given a new item that you recently advertised, you experience additional demand for your business that you do not want to ignore. Identify your fixed and variable costs at your fast-food restaurant,..
Discuss the roles and responsibilities of three other professions in the health sciences. Discuss three ways in which you may interact with colleagues in other professions. List and describe several things you could do to prepare yourself to interact..
A new municipal refuse-collection truck can be purchased for $84,000. Its expected useful life is six year, at which time its market value will be zero. Annual receipts less expenses will be approximately $18,000 per year over the six year study peri..
Suppose the firm is unable to distinguish between the two types of consumers, and therefore cannot engage in price discrimination. Sketch the demand curve facing the firm. Make sure your graph is accurate and carefully labeled. b) What price will the..
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