Asked by Ayodele Adefila on Sep 24, 2024
Katy is holding an English auction.If she estimates the values of her bidders to be $2,$4,$10,$15 and $25,she should expect to be able to make ____ off the auction
A) Just above $10
B) Just below $10
C) Just above $15
D) Just below $15
English Auction
A bidding process where participants bid openly against one another, and the item is sold to the highest bidder.
Estimates Values
An approximation of the worth of goods, services, or financial instruments calculated through analysis or assessment techniques.
- Ascertain the projected sale price in auctions by considering the type of auction and the conduct of bidders.
Learning Objectives
- Ascertain the projected sale price in auctions by considering the type of auction and the conduct of bidders.