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amid [387]
2 years ago
10

When a famous painting becomes available for sale, it is often known which museum or collector will be the likely winner. Yet, t

he auctioneer actively woos representatives of other museums that have no chance of winning to attend anyway.
Suppose a piece of art has recently become available for sale and will be auctioned off to the highest bidder, with the winner paying an amount equal to the second highest bid. Assume that most collectors know that Janet places a value of $125,000 on the art piece and that she values this art piece more than any other collector. Suppose that if no one else shows up, Janet simply bids $125,000/2 = $5,000 and wins the piece of art.

The expected price paid by Kenji, with no other bidders present, is $:_________
Suppose the owner Of the artwork manages to recruit another bidder, Manuel, to the auction. Manuel is known to value the art piece at $8,000.
The expected price paid by Kenji, given the presence of the second bidder Manuel, is $:_________

Business
1 answer:
Romashka-Z-Leto [24]2 years ago
5 0

Please find attached

Answer and Explanation:

1. If there are no other bidders present as from question them we can conclude that Kenji would buy the art piece for $5000. See question

2. If there is a bidder present in the name of Manuel who would bid for $8000 then Kenji would bid at $8000 and win the bid for the art piece. See question. Kenji would bid at price of 2nd highest bidder to win the bid for art piece

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3 years ago
1. One of the major changes resulting from managed care is the requirement of providers to assume accountability for: A. The tre
11111nata11111 [884]

Answer:

The correct answer is B) The appropriateness of interventions

Explanation:

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4 0
3 years ago
Briefly explain economics​
Valentin [98]

Answer:

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

Explanation:

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7 0
2 years ago
Where is market equilibrium located
Lina20 [59]

Answer:

B. at the intersection of supply and demand

Explanation:

Equilibrium is a market condition where there no excess or shortage in demand and supply. It is when the quantity demanded matches the quantity supplied. At equilibrium, buyers and sellers are happy with the prevailing prices.

In a graph showing the demand and supply curve, the equilibrium point is the intersection of the supply and demand curve.  

8 0
2 years ago
5. Firms can measure the success of a new product, by asking three questions. Which of the following is NOT one of these questio
KatRina [158]

Answer:

The correct answer is the third option: Is the product already offered by competing firms?

Explanation:

To begin with, if the a company is looking forward to measure the success of a new product by asking three fundamental questions then the most important ones are those that implicates the satisfaction of the consumers and of the managers that work in the financial area due to the fact that they are the ones who make all the calculates and decide in what to invest, therefore that the success of the product will be achieved if it satisfies the technical requirements of the clients, if it is consider viable and valuable and if the sales were good enough to satify the producer's financial requirements.

6 0
3 years ago
Read 2 more answers
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