Determine the equilibrium price

Reference no: EM133237507

Assignment - Auctions and Price Control Paper
Question -

1. Auctions are occasionally used by markets to determine the equilibrium price. Depending on whether the value of the item being sold is the same for each bidder or is different for each bidder, explain the categories of auction.

2. In an economics perspective, explain the following terms

i. Private value auction

ii. Ascending value auction

iii. Reservation Price

iv. Sealed bid auction

v. First price sealed auction

Reference no: EM133237507

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