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Consider a sealed-bid auction in which the seller draws one of the N bids at random. The buyer whose bid was drawn wins the auction and pays the amount bid. Assume that buyer valuations follow a uniform(0,1) distribution.
What is the symmetric equilibrium bidding strategy b(v)? Explain in words why you know this.
What is the seller's expected revenue?
Why doesn't this auction pay the seller the same revenue as the four standard auctions? That is, why doesn't the revenue equivalence theorem apply here? Be specific.
Demand is given as Qd = 24,000 - 320W, where Qd is the quantity demanded (in full-time equivalents) and W is the hourly wage rate.
You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 80-Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = Q1 and MC2 = 8. What is the profit maximizing..
How is elasticity related to revenue. How is diminishing marginal returns related to cost. How are revenues and costs related to profit.
a change in populationassume a one-time decrease in population possibly caused by an onset of disease or a sudden
Network forensics is considered a very hard problem for a number of reasons: First, the general anonymity of users on the Internet makes is extremely difficult to determine who a suspect is.
What makes these important? List at least two industries that are characterized by perfect competition.
Illustrate the brand equity of common products by asking students how much they would pay for a branded product versus a generic product.
Consumer A values good 1 at $4,500 and good 2 at $1,500. Consumer B values good 1 at $5,000 and good 2 at $1,000. Costs are zero. Suppose the monopolist only sold the goods separately. What prices will the monopolist charge for good 1 to maximize rev..
What does this data suggest about financial market expectations of 1-year yields, 1 year from now? Explain.
Which firm's product provides the greatest value-created. In an industry equilibrium in which the firms achieve consumer surplus parit.
What are the strength, the weakness, the opportunities and the threats for the city of Tacoma economic development.
Because their countries have similar institutions, the price paid for a computer in Germany and the United States are about the same when converted into the same currency.
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