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Presume that three risk-neutral bidders are interested in purchasing a Princess Beanie Baby. The bidders (numbered 1 through 3) have valuations of $12, $14, and $16, respectively. The bidders will compete in auctions as described in parts (a) and (b); in each case, bids can be made in $1 increments at any value from $5 to $25.
(1) Which bidder wins an open-outcry English auction and what are the final price paid and the profit to the winning bidder?
(2) Which bidder wins a second-price sealed-bid auction? What are the final price paid and the profit to the winning bidder? Contrast your answer here with that for part (a). What is the cause of the difference in profits in these two cases?
A fundamental characteristic of oligopolies is the tendency for them to follow price leadership and to act in harmony in the setting of prices, while monopolistic competitors will find it possible to earn only normal profits in the long run
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The amount that a hospital will be paid for treating a Medicare patient is determined before the patient ever sees a physician.
how does charging the monopoly optimum and the welfare of consumers, the monopoly, and society?
Instead of the tax per bottle, suppose that the government imposes a tax on Placebo of $10,000 regardless of how many bottles are produced. How does this tax affect Placebo’s price, quantity, and profits? Explain.
Rent-seeking behavior results in a)increased economic activity by promoting efficiency b)lower economic acitivity by diverting resources to less-productive uses c)a more equitable distributionof income and wealth
What are the characteristics of a Perfectly Competitive Market and what are the Characteristics of a Monopoly?
several years ago the university of hawaii decided to make some significant increases in the prices it charges for
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Suppose the demand curve for a monopolist is QD = 250. - .25P,and the marginal revenue function is MR = 1000 - 8Q.The monopolist has a constant marginal and average total cost of $45 per unit. Find the monopolist's profit-maximizing price.
1 examine the history of immigration to the united states from the cape verde islands. how did the immigration to the
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