Asked by Charles Jackson on Jul 09, 2024
Verified
Anna's Antiques expects to get three bidders for the unique china teacup it sells.Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability.If three bidders show up at the auction and two of the bidders are low value,what would the winning price be?
A) Just above $100
B) $100
C) Just above $70
D) $70
High-value
Attributes or items considered to have a significant worth or importance, either in monetary terms or in qualitative aspects such as quality or utility.
Winning Price
The final bid amount that secures an item or service in an auction; the price at which the auction is won.
Low-value
Pertaining to items or services that are considered to have less worth or importance, often reflected in their low cost.
- Ascertain the consequences of bidder valuation variances on the outcomes of auctions.
Verified Answer
Learning Objectives
- Ascertain the consequences of bidder valuation variances on the outcomes of auctions.
Related questions
Anna's Antiques Expects to Get Three Bidders for the Unique ...
Anna's Antiques Expects to Get Two Bidders for the Unique ...
Anna's Antiques Expects to Get Three Bidders for the Unique ...
Anna's Antiques Expects to Get Two Bidders for the Unique ...
Anna's Antiques Expects to Get Two Bidders for the Unique ...