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Author Question: What is the difference between the two types of sealed-bid auctions? What will be an ideal ... (Read 28 times)

Beheh

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on: Jun 29, 2018
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


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cadimas

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Reply #1 on: Jun 29, 2018
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

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

irishcancer18

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Reply 3 on: Yesterday
Excellent

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