How much should you for bid if there are 5 bidders

Assignment Help Microeconomics
Reference no: EM133487285

Question: Your company is bidding for mineral rights to a tract of land for drilling oil. Based on your geological survey reports, your valuation of the mineral rights is $40 million. You believe the distribution of bids will be uniform for the mineral rights, with a high value of $50 million and a low value of $20 million. In a second-price sealed-bid auction, how much should you for bid if there are 5 bidders?

Reference no: EM133487285

Questions Cloud

What is the necessary adjustment should be : If comparable #1 was a transaction between parents and child, then are you still going to use comparable #1 as your comparable property? Why
What have social scientists not yet explained : What have social scientists not yet explained? What more is there to know about your topic? How would your topic be affected by variations in influences?
Which consumer would have the least elastic demand for beef : which consumer would have the most elastic demand for beef brisket? Which consumer would have the least elastic demand for beef brisket
Difference between discrimination and racism : What is the difference between discrimination and racism? Your discussion should focus on the difference between subjective attitudes and the actions
How much should you for bid if there are 5 bidders : In a second-price sealed-bid auction, how much should you for bid if there are 5 bidders
Define the importance of play-based pedagogy : Explain the role of brain development and its relationship to children's educational success and Define the importance of play-based pedagogy
What are pros of receiving a neurodevelopmental disorder : What are pros of receiving a neurodevelopmental disorder diagnosis during childhood? Under what circumstances do you think clinicians should diagnose children?
Explain in your own words the importance of play : Explain in your own words the importance of play in children's learning For childcare services
What strategies from the reading do you practice : Consider the barriers to effective listening as discussed in our materials this week. Which one of these barriers is most likely to interfere with

Reviews

Write a Review

Microeconomics Questions & Answers

  Analyze what are conditions that create perfect competition

Analyze what are the conditions that create perfect competition? Name or describe an example of a perfectly competitive good or firm.

  I worker earned 1200 hr in 1990 and 1800 in 2000 then who

if the worker earned 12.00 hr. in 1990 and 18.00 in 2000 then who would have a higher nominal income and a higher real

  Identify the five foundations of macroeconomics

Identify the five foundations of macroeconomics. Describe the economic event or policy decision you have chosen and explain its relevance to macroeconomics.

  Which ones did you like and which ones did you dislike why

Which ones did you like? Which ones did you dislike? Why? How does your attitude toward the advertisements affect your attitudes toward the products being advertised?

  The demand and supply schedules for rice are given in the

the demand and supply schedules for rice are given in the table.what are the price the marginal cost of producing rice

  Identify and explain the economic changes

Identify and explain the economic changes which have encouraged James Dyson to move Dyson's headquarters from the UK to Singapore.

  Why do economists oppose policies that restrict trade

Why do economists oppose policies that restrict trade? Which is the more natural occurrence linear or bowed out and tell why

  Research two periods in history one where united states

Assignment: Research two periods in history, one where the United States experienced an increase in inflation and the other an increase in unemployment. Write a paper discussing the causes and outcomes.

  What is social entrepreneurship

What is Social Entrepreneurship? Give concrete examples. Is there a relationship between the fallacious yet accepted paradigms of our economy (e.g., growth as the sole source of wealth and success, capitalism as the best system, price mechanisms are ..

  Why is possibility of liquidity trap significant to policy

What do economists mean when they say that monetary policy can echibit cyclical asymmetry How does the idea of a liquidity trap relate to cyclical asymmetry Why is this possibility of a liquidity trap significant to policymakers

  What is the difference between inferior and normal goods

When the demand curve is relatively inelastic and the price falls, what happens to total revenue? What is the difference between inferior and normal goods

  What questions do you have about any of the concepts

LIBS 150 University of Maryland What is the most important thing you have learned that you will apply to future courses and What questions do you have

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd