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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.
Suppose they remain in the same place for the next five years, the Bergholts would like to know if it is better to buy or rent the home.
Overview of the project's objectives and scope
A Monopolist is deciding how to allocate output between two markets. The two markets are separated geographically. Demand and marginal revenue for the two markets are given by:
Toward Effective Risk Regulations (1993) examines goverment's role in controlling and managing the health risks society faces from exposure to environmental pollution. One major problem examined in the book is cleanup of hazardous waste sites.
Political business cycle: Do economic events affect presidential elections? To test this so-called political business cycle theory, Gary Smith 20 obtained the following regression results based on the U.S Presidential elections for the four yearl..
Explain how much utility will the marginal dollar yield.
An early goldsmith banker earned a profit (sometimes a large profit) simply by writing notes to certify that a person had deposited a certain amoumt of gold in his vault. By writing more notes than the amount of gold held
For any given demand curve for right to pollute, the government can achieve the same outcome either through setting a price with a corrective tax or through setting quantity with pollution permits.
Elucidate how your policy would help increase aggregate demand.
When a small firm expands the scale of its operations, why does it usually first experience increasing returns to scale When the same firm grows to be extremely large, why might a further expansion of the scale of operation generate decreasing ret..
Assume a typical customer’s inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q.
Why do people have a demand for money? What does the demand for money represent and what factors influence the demand for money? Please explain.
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