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A seller uses a second-price sealed-bid auction to sell a painting to two bidders. The seller claims that the painting was drawn by a famous painter, say Monet. Both bidders are not sure about the seller's claim, and think that the probability of the painting being drawn by Monet is 1=2. Both bidders can examine the painting before bidding. After examination, bidder 1 gets signal x1 and bidder 2 gets signal x2. Both x1 and x2 are independently drawn from a uniform distribution on [0; 1]. Let us assume that if a bidder is an expert on Monet's painting, then after examination he or she can immediately know whether the painting is authentic. Otherwise, he or she still thinks that the probability of the painting being authentic is 1=2. If the painting is authentic, it will worth 10+x1 to bidder 1, and will worth 10+x2 to bidder suppose you know that neither you nor bidder 2 is an expert. But bidder 2 is not sure whether you are an expert or not. Suppose you could pretend to be an expert and convince him that you are an expert. Will you choose to do so? Why?
Explain how do you solve for a, b, c, e in the equations: Qd = a-bW and Qs = c+eW when you know the equilibrium wage (or price) is $4, there are 100,000 people employed, Elasticity of demand is equal to -0.4 and Elasticity of supply is equal to 0...
Antitrust laws were created in order to maintain competition and protect consumers. There have been several high profile Antitrust cases in the last few years (e.g. Microsoft). Think of a recent example. Do you think the right decision was made
Assume that the federal reserve engages in contractionary monetary policy at the time when commercial banks are holding no excess reserves. identify two specific actions the federal reserve could take to accomplish their contractionary goal.
Draw the relavant isoquant map and isocost line if the cost of labor is $4 per work-hour and the cost of glass is $4 per pound and 90 light bulds are to be produced. What is the cost minimizing combination of glass and labor.
only one tester may be bought and the press will not need overhauling if the line improvements are not made. what mutually exclusive project combinations are available if Angus Auto will invest in at least one
To best serve customers interested in buying cars over Internet, Smart Motors, hire Nora Jones to respond to customer inquiries.
Possible goals of Not-For-Profit (NFP) enterprises include all of the following EXCEPT: maximize total costs maximize output, subject to a breakeven constraint maximize the happiness of the administrators of the NFP enterprise maximize the utility..
Suppose that in Question 1, the government rather than using a tariff, decides to limit the quantity of imports to 4. All the quota licenses are given to the nephew of the minister of finance (no rent seeking). Show on a new graph the outcome of t..
A monopolist sells in both Milwaukee also Cleveland and has identical marginal price of 8 in each market.
a) Explain what is meant by market equilibrium. b) What happens when the price is too high and when the price is too low? c) What market forces bring change?
How does the demand curve faced by a purely monopolistic seller differ from that confronting a purely competitive firm Why does it differ Of what significance is the difference Why is the pure monopolist's demand curve not perfectly inelastic
National Insurance deduction in October is 6¾% calculated on the total of monthly gross salary plus bonus. Income Tax deduction in October is £430. Calculate the manager's net salary for October.
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