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One unit of object is going to be sold via auction. There are two bidders, A and B. Their willingness to pay are known to be either of 10,20,30,40,50 and bids are also restricted to those values. Suppose A's WTP is 20 and B's is 40. Ties are broken by coin flip and assume they are risk neutral.
Consider the first price auction. Write down the payoff matrix and find all Nash equilibrium
In 1990 Mrs. John Hay Whitney sold her painting for $71 million. The buyer also had to pay the auction house commission of 10%, or a total of $78.1 million. The Whitney family had purchased the painting in 1929 for $165,000.
If Sandwiches To Go Inc. buys all the sandwich producers and cuts production to 100 sandwiches an hour, what is the deadweight loss that is created?e. If in part d, Sandwiches To Go Inc. rations sandwiches to two per person, is this distribution of..
Assume you have a Normal distribution representing the likelihood of completion times. The mean of this distribution is 10, and the standard deviation is 3. The probability of completing the project in 8 or fewer days is the same as the probabilit..
The price of a cone is expressed in cents, and the quantities are expressed in cones per day. a. Create demand & supply tables corresponding to these equations. b. Graph supply and demand and determine equilibrium price and quantity
Suppose that an investor has a choice between buying this security or purchasing a different security that also costs $3,000 today but pays off $3,300 with certainty in one year. How is an investor's choice of which security to purchase related to..
(1) Estimate the IRR for each project shown below to within X.X%. (2) Which ones should be done if the capital budget is limited to $60,000 (3) What is the minimum attractive rate of return (MARR) (4) What is the opportunity cost
When the more current observations are more relevant to estimate of next period than previous observations, the naive forecasting method to employ is
In round numbers, real output doubled two times in the 40 years between 1950 and 1990, so it doubled every 20 years. This means that real output grew at a rate z that solves the equation 20 = 70 / z.Over this 40-year period, what is the average ann..
What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand?b. Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit..
suppose the economy is in equilibrium and the equilibrium real GDP is 1500 billions. Suppose further that the MCP is 0,8 if the government wants to increase the real GDP to 2000 billions , by how much should the government increase /decrease.
Jim's utility function is U(x, y) = xy. Jerry's utility function is U(x, y) = 1,000xy + 2,000. Tammy's utility function is U(x, y) = xy(1 - xy). Oral's utility function is U(x,y)= -1/(10+2xy).Marjoe's utility function is U(x, y) = x(y + 1,000).
Suppose that the firm uses three inputs to produce its output: capital K, labor, L and materials, M. The firm's production function is given by Q = K^ (1/3) * L ^ (1/3) * M ^ (1/3). The prices of capital, labor, and materials are r=1, w=1, and m=1..
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