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Second-price sealed bid auction-reserve price, true valuatio
1. Show that, in a second-price sealed bid auction with private values, bidders bid their true valuations of the object for auction.
2. In a second-price sealed bid auction, there are 2 bidders. The value to bidder i of the object for auction is Xi, and the realization of this value is information private to bidder i. The Xi's are uniformly and independently distributed over {0,1}. The object for auction is of no value to the seller. The seller's reserve price is r, and the seller and bidders are risk neutral. What is the seller's expected profit when r=0? What value for r is optimal for the seller, and what then is the seller's expected profit?
Given the Demand curve for flyswatters Q = 500-50P, estimate the quantity demanded for the following prices.
The macroeconomic environment discussing the effectiveness of the monetary stragies in the US.
Theory Galbraiths of consumer demand has an important implication in terms of underallocation of resources to public goods.
Illustrate in the graph below the deadweight loss (DWL) that would result if this monopolist were allowed to operate as a profit maximizing firm without regulation.
Describe ways firms establish barriers to entry and explain how they benefit firms but not consumers.
Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment.
A farm operator has asked you to help him/her determine the quantity of water that should be applied to a crop under irrigation.
Calculate the predicted 2001 operating benifit for Con Agra and the percentage increase in operating profit.
To maximize total income should the price be increased or decreased
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Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
Indicate whether each of the following statements is true or false and explain why.
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