Question 1suppose you have a rare simpsons animation cel

Reference no: EM13375729

Question 1:

Suppose you have a rare Simpsons animation cel that you're looking to sell. You decide to hold an English Auction. You set the reserve price of $100, and a bid increment of $5. Suppose there are 3 bidders. Person 1 values the cel at $200, person 2 values the cel at $310, and person 3 values it at $250. What will the sale price be?

Question 2:

Consider the same animation cel auction as in problem 1. If instead you decide to hold a Vickrey Auction, what will person 2's bid be, if he is behaving optimally?

Question 3:

Consider the production of holes. To dig a hole, it takes one man (M) and one shovel (S). The total number of holes dug is given by the production function h=f(M,S)=min(M,S). If you currently have 2 men and 4 shovels, what is the marginal product of men?

Question 4:

Consider the production of textiles. To make textiles, it takes cotton (C, measured in pounds) and it takes child labor (L, measured in child-hours). The total yards of fabric (F) produced is given by the production function F=L*(C^.5). If you currently have 100 child-hours, and 4 pounds of cotton, what is the marginal productivity of children?

Reference no: EM13375729

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