FINC 6000 Group Assignment
1. Describe the background of auction: contents, name of auction house, time, location, history of auction house, etc.
Pickles Auctions is the largest auction group in Australia which was established in 1964(About pickles auctions - australia's largest auction group 2014 ).The head office of Pickles Auctions is located in Sydney and 22 branches were set up around Australia. Pickles Auctions sells a broad range of vehicle types which includes Ex-Government, Fleet, Repossessed, Light Commercials, 4WD, Prestige, Luxury, Classic and Exotic Motor Vehicles(About pickles auctions - australia's largest auction group 2014 ).
The Luxury Vehicle Auction is a public auction held on the 15th September 2014 at 6:00pm. It
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Provide histograms and CDF of prices. Compare estimated prices to realized prices using stochastic dominance and mean-variance criteria.
a) Stochastic Dominance Criteria
Stochastic dominance is a form of stochastic ordering. It can be used in decision analysis to refer to situations where one probability distribution can be ranked as superior to the other probability distribution.
Set the CDF of realized prices be and the CDF of estimated prices be , where P refers to Price.
In terms of the cumulative distribution function of two assets, one asset is said to be stochastically dominant over the other if the CDF of one asset is greater than the other in every state of nature. This is the first-order stochastic dominance. First order stochastic dominance applies to all increasing utility functions.
In this case, if the CDF of estimated prices are always greater than the CDF of realized prices, we can identify that realized prices dominant estimated prices in first order.
The chart below shows the CDF of estimated prices and realized prices. Clearly, from the chart, the first-order dominance exists between these two prices and we can infer a conclusion that realized prices dominant estimated prices in first order. This result means that there
I work for the City Health Care Partnership within the Primary Care Medical Services, I work for 4 different GP practices as the Data Quality Manager but main base been at Kingston Medical Centre in the Central appointments team, at Kingston Medical Centre we have 4 full time GP’s, 3 Nurses, 2 Health Care Assistants, 7 Receptionists, 2 Admin members based in the Central appointments
3. Considering your answers to Questions 1 and 2, why did activity in Annie’s motor nerves produce a skeletal muscle response that fatigued during repetitive stimulation?
Hypothetically, the ideal price that results in producer and consumer attaining the greatest level of shared benefit arises at the price where the supply and demand lines intersect. Deviations from this fact results in a
A tenet of that theory is that enlightened egoists will recognize that socially responsible behavior will benefit them.
1. This story is about the Supreme Court’s decision. What process did this case have to go through to get to the Supreme Court?
An important property of the Law of One Price is that it holds even in markets
This is because of each seller is setting its price based upon the reaction by the prices its competitor establishes.
Senior management at DLiS decided that the existing risk management plan for the organization is out of
determined by world prices. In Bloch and Sapsford (2000) the price of manufactures, which is
This is also linked into the behaviour of the buyers in the market. Buyers are also price takers because they can purchase as much as they wish without influencing the market price. The final assumption is important when considering the long term equilibrium price of a firm in perfect competition. This assumption is that entry into the market is free and that there are no barriers to entry. Any costs incurred are incurred by all of the suppliers; an entrant will pay no additional cost for entering the firm.
4. Given Mr James charge to the senior vice president, how would you portray and assess sales and marketing initiatives, expenditures, and outcomes for fiscal 2004 and 2005? 5. What should Kelly Elizabeth propose in her fiscal 2006 sales and marketing plan and budget Astor Lodges Caase 1 4
The greater the demand of a product, the greater the associated value, and hence greater will be price. Price is also dependent upon the supply of a product, the lower the supply, the higher the price. The price of a product is also dependent upon the state of the overall economic conditions. At the time of the recent recession, the ticket prices of matches and merchandise were set at a comparatively lower level than at the time of a boom. (Kotler)
The reality is usually somewhere in between. In such cases the chosen price needs to be
b) In a monopolistic market, the price will be greater than marginal cost and thus than the