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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? The first-price bidders shade their bids by 20% of their evaluation of its value. The second-price bidders all utilize the optimal strategy for second price auctions stated in the textbook.
In the money market, money supply is determined by the central bank, such as the Fed in the U.S. Because of this, money supply curve is usually vertical in the short run, while the money demand curve is downward sloping.
Illustrate what policies would you implement to help the economy reach full employment.
If the marginal cost is $10 per unit, what is the firm's monopoly-optimal price?
Elucidate the difference among the consumption of a free good and a good that is not free.
Elucidate the percentage rate of Full Employment and Inflation that that these two organizations try to keep as its target.
Assume the demand and supply for milk are described through the following equations: QD = 600 - 100P; QS = -150 + 150P, where P is price in dollars,
It is mandetary that a rational customer will not purchase any units of the product represented by these data.
Large-denomination time deposits: $ 304 billion Currency and coin held by nonbanking public: 438 billion
Some politicians in countries that are the recipients of large numbers of immigrants advocate adopting laws requiring immigrants to learn the local language within a specified period of time.
suppose that in a competitive market for electric power, demanded for power is given by the equation P=600-Q, and supply is given by the equation P=160+Q where P is price and Q is quantity of some good or service. Production of each unit of output..
Explain how the aggregate expenditure function shifts in response to the changes in each of the following variables:
Travelers not planning ahead often have great difficulty finding rental cars due to high demand. however, during nonwinter months tourism drops dramatically and travelers hav eno problem securing rental car reservations.
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