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amid [387]
3 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]3 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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Elaine is in the process of buying a new car. There are many possible cars to choose from, but she is focused on a few she would
statuscvo [17]

Answer:  evoked set

               

Explanation:

In simple words, evoked set refers to the collection of brands that initially comes in the mind  of the consumer when he or she is willing to buy a product in market. These are the brands that are of high significance to the customer and that individual customer completely trust such brand.

Every producer in the market wants to be in the evoked set of the consumer as there is a high probability that customer will choose to buy their willing commodity form such a set. However, positioning in evoked set cannot be marked quickly as it depends on various factors such as duration, quality and price etc.

4 0
3 years ago
Explain the importance of mass communication​
pashok25 [27]
Another important objective of mass communication is to create public opinion on any national or international issue. Mass media attempts to create public opinion through providing their audiences with a realistic picture of the world, activities of the leaders, governmental politics
8 0
2 years ago
If, as a person consumes more and more of a good, each additional unit adds less satisfaction than the previous unit consumed, w
zalisa [80]

Answer:

The correct answer is option D.

Explanation:

The law of demand states that keeping other things constant there is an inverse relationship between quantity demanded and price.

According to the law of increasing marginal opportunity cost with each additional output the marginal opportunity cost to produce next unit of output increases.

While the law of supply states that keeping other things constant there is a direct relationship between price and quantity supplied.

According to the law of diminishing marginal utility, the marginal utility derived from the consumption of each additional unit of good keeps declining as more and more unit of goods is consumed.

So, option D is the correct answer.

8 0
3 years ago
A company borrowed $10,000 by signing a 180-day promissory note at 9%. The total interest due on the maturity date is: (Use 360
ExtremeBDS [4]

Answer:

$450

Explanation:

Calculation for the total interest due on the maturity date

Using this formula

Total interest=(Amount borrowed × Percentage of promissory note ×1/2)

Let plug in the formula

Total interest =$10,000 x 0.09x 1/2

Total interest= $450

Therefore the total interest due on the maturity date will be $450

6 0
3 years ago
Rooney, Inc. is considering the purchase of a new machine costing $700,000. The machine's useful life is expected to be 8 years
Fiesta28 [93]

Answer:

NPV = $74,951.80

Explanation:

The net present value is the present value of after tax cash flows from an investment less the amount invested.

NPV can be calculated using a financial calculator:

Cash flow in year 0 =  $700,000

Cash flow each year from 1 year 8 =  $156,000

I = 12%

NPV = $74,951.80

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

6 0
3 years ago
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