Sub : EconomicsPls answer fast.I ll upvote. Thank You 2. Individual Problems 18-2A reserve price is a minimum price set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for theauctioneer. If only one bidder values the item at or above the reserve price, that bidder pays the reserve price. An auctioneer faces two bidders, eachwith a value of either $6 or $16, with both values equally probable. Without a reserve price, the second highest bid will be the price paid by thewinning bidder.The following table lists the four possible combinations of bidder values. Each combination is equally likely to occur.On the following table, indicate the price paid by the winning bidder with and without the stated reserve price.Bidder 1 Value Bidder 2 Value($)Price Without Reserve($)($)$6$6$16$16$6$16$6$16Probability0.250.250.250.25Without a reserve price, the expected price is $expected price is largerthe reserve price.Price with $16 Reserve PriceWith a reserve price of $16, the expected price is.Thus, the

A demand for something to be done or an offer to set a price for a good are both examples of…

Individual Problems 18-2 eserve price is a minimum price set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the ctioneer. If only one bidder values the item at or above the reserve price, that bidder pays the reserve price. An auctioneer faces two bidders, each th a value of either $6 or $16, with both values equally probable. Without a reserve price, the second highest bid will be the price paid by the ning bidder. e following table lists the four possible combinations of bidder values. Each combination is equally likely to occur. the following table, indicate the price paid by the winning bidder with and without the stated reserve price. Bidder 1 Value Bidder 2 Value ($) ($) $6 $6 $6 $16 $16 $6 $16 $16 Probability 0.25 0.25 0.25 0.25 thout a reserve price, the expected price is $ pected price is larger_ the reserve price. Price Without Reserve ($) Price with $16 Reserve Price . With a reserve price of $16, the expected price is $ Thus, the

Individual Problems 18-2 eserve price is a minimum price set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the ctioneer. If only one bidder values the item at or above the reserve price, that bidder pays the reserve price. An auctioneer faces two bidders, each th a value of either $6 or $16, with both values equally probable. Without a reserve price, the second highest bid will be the price paid by the ning bidder. e following table lists the four possible combinations of bidder values. Each combination is equally likely to occur. the following table, indicate the price paid by the winning bidder with and without the stated reserve price. Bidder 1 Value Bidder 2 Value ($) ($) $6 $6 $6 $16 $16 $6 $16 $16 Probability 0.25 0.25 0.25 0.25 thout a reserve price, the expected price is $ pected price is larger_ the reserve price. Price Without Reserve ($) Price with $16 Reserve Price . With a reserve price of $16, the expected price is $ Thus, the

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.11P

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17-4 Your company has a customer who is shutting down a production line, and it is your responsibility to dispose if the extrusion machine. The compnay could keep it inventory fir a possible future product and estimates that the reservation value is $250,000. Your dealings on the second market lead you to believe that there is a 0.4 chance a random buyer will pay $300,000, a 0.25 chance the buyer will $350,000, 0.1 chance the buyer will pay $400,000, and a 0.25 chance it will not sell. If you must commit to a posted price what price maximizes profits?
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