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Auctions can be an important tool for selling goods and gathering information. Auctions are used in multiple venues including agriculture, eBay, and distressed asset sales. The seller does not have to worry about estimating demand and setting a price because the demanders will do that through the auction process.
Examine the values of auctions in the economy by addressing the following items.
-Explain the difference between oral auctions and second-price auctions, including how they work and their results.
-Use the expected value information to illustrate how having more bidders in an oral auction will likely result in a higher winning bid.
-Explain how the number of bidders in a common value auction affects the outcome of the auction. Relate this to the effect on price in different market structures based on the number of producers.
-Auctions lead to outcomes where buyers reveal their value for the products being auctioned. To successfully price discriminate, firms often rely on buyers revealing their value for products. Explain the conditions necessary for firms to be able to price discriminate.
It is reasonable to think that technological innovations in the banking sector have lowered the transactions costs that consumers face with regard to cash management. Our theory suggests that this should lead to lower real cash balances. Yet in the d..
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Ben’s preferences are represented by the marginal rate of substitution MRS = 2y/x. His income is I = 180. The market prices are Px = 3 and Py = 1. What is his optimal consumption basket?
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Centralized federal regulation has the advantage of?
One of your friends uses the terms ethics and morality interchangeably. You do not think this is correct. How would you explain the difference between ethics and morality? Provide an example of morality and one of ethics in your explanation.
Explain principles related to being an Ethical Employer. Compare and contrast with what is going on in a previous or current organization that you have worked with.
If the Federal Reserve adopts a restrictive monetary policy that leads to relatively high interest ratesin United States, what happens to the demand and supply of foreign currency and the dollar's exchange value.
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