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In class, we discussed a first price sealed bid auction with two bidders. Each bidder’s valuation v was a random draw from the interval [0, 1] according to the uniform cumulative distribution function F(v) = v for 0 £ v £ 1. Now suppose there are n ≥ 2 bidders. Show that in a Bayes-Nash equilibrium each players will bid (n – 1) /n times his or her valuation.
The supply of eggs comes from chickens. The price of eggs will decrease if"
q1. you buy a season pass to the philharmonic symphony hall. you paid 250 for five performances. what is the money cost
A sum of money Q will be received 6 years from now. At 5% annual interest, the present worth of Q is $60. At the same interest rate, what would be the value of Q in 10 years?
Reliable packaging is a perfectly competitive firm. Its output is 20,000 units a day; its daily total revenue is $750,000; its average total cost is $37.50; and its average variable cost is $27.50. It is operating at the output level where average to..
Identify differences between: Movements along the same Demand Curve & Shifts in the Demand Curve. Movements along the same Supply curve & Shifts in the Supply Curve. Be comfortable with situations involving market “Surpluses” and market “Shortages”.
Discuss the structure of non-point-source (NPS) pollution and economic policies that can be more or less effective in reducing it. In particular discuss the application of the rule that “marginal abatement cost should equal marginal benefits from aba..
Explain the effect of a discretionary cut in taxes of $40 billion on the economy when the economy’s marginal propensity to consume is .75. How does this discretionary fiscal policy differ from a discretionary increase in government spending of $40 bi..
There is some evidence that during the 4th century in the Roman empire, public officials were paid in kind or “in equivalent prices”, instead of coins. What can be inferred from this?
Draw the budget constraints, indifference curves, and the income consumption curve for a good (bagels) that has an income elasticity that is perfectly inelastic on horizontal axis, and another normal good on (salads) on the vertical axis.
The Pacific Northwest possesses an abundance of dams producing cheap hydroelectric power. Consequently, electricity prices are lower than the rest of the United States, and Northwest consumers use more electricity on average than consumers in other r..
If market inverse demand is p(Q)=a-bQ and the firm produces according to TC(Q)=cQ+dQ2, determine the firm's optimal quantity, price and profit level. (Assume that a,b,c,d >0.) What conditions on b and d must hold in equilibrium?
The Australian government is concerned about inter-generational equity problems. Key problems arise from a larger number of older retired people being supported by a smaller workforce of young people, and from ever increasing budget deficits to be pa..
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