What is the difference between the two types of sealed-bid ...

[Beheh]

What is the difference between the two types of sealed-bid auctions?
 
  What will be an ideal response?

Question 2

Refer to the table above. If the rental price of machines is 100 per day, up to how many machines should the firm rent to maximize profits?
 
  A) 4
  B) 5
  C) 6
  D) 7

[cadimas]

Answer to Question 1

The two types of sealed-bid auctions are first-price sealed-bid auctions and second-price sealed-bid auctions. In a first-price sealed-bid auction, each bidder submits his bid privately. The highest bidder wins and pays an amount equal to his bid. In a second-price sealed-bid auction, each bidder submits his bid privately. The highest bidder wins and pays an amount equal to the second-highest bid.

Answer to Question 2

B

[Beheh]

TYSM

[ebonylittles]

Thanks for the timely response, appreciate it