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You are considering auctioning a Leonardo Da Vinci original sketch. You entice four bidders to come to your auction. The bidders' valuations of the sketch in decreasing order are $3.0, $2.2, $2.0, and $1.5 (in millions).
• If you used a second-price sealed bid auction, who would win and what would the winning price be?
• If you used a first-price sealed bid auction and the optimal strategy for the participants was to shade their bid by 20% and the participants used this strategy, who would win and what would the winning price be?
• Which auction should you choose to maximize your profit? The first-price bidders shade their bids by 20% of their evaluation of its value. The second-price bidders all utilize the optimal strategy for second price auctions stated in the textbook.
Illustrate percent have prices increased over the past thirty years. What average annual inflation rate would have resulted in this answer.
Suppose two nations are considering specializing in either calculators or personal computers. If solely producing calculators, country A can produce 300 and country B can produce 400.
Compare and contrast between internal and external growth strategy. Identify a range of factors which might estimate whether an internal or external strategy is pursue such a growth strategy.
Illustrate what methods does Rakuten use to make it easy for a small or medium size business to use its shopping platform.
Illustrate what would happen if the government intervened and lowered the maximum price that could be charged for this service or good. How would this change the output and price.
Elucidate economic influences which can affect the airline industry in a negative way.
Irrigation improves the yield of strawberries per acre (measured in pints) according to the fucntion S= -(w-2)^2 + 50 where S is the number of pints of strawberries grown per acre and W is acre acre feet of water used. strawberries sell for $4 pe..
In Gelate, Pennsylvania, the market for compact discs has evolved as follows. There are two firms that each use a marquee to post the price they charge for compact discs.
Assume your bank increase its minimum-balance requirement for free checking on checking accounts by $500. You take $500 out of your passbook savings account
Illustrate what happens to the natural rate of unemployment and potential GDP if cyclical unemployment.
Discuss some polices the United States government could take to increase United States economic growth? Name two or three and describe why these would encourage growth.
Expalin why is private property, and the protection of property rights, so critical to the sucess of the market system.
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