You are one of five risk-neutral bidders participating in an independent private values auction. each bidder perceives that all other bidders’ valuations for the item are evenly distributed between $60,000 and $80,000. for each of the following auction types, determine your optimal bidding strategy if you value the item at $71,000
a. first-price, sealed-bid auction.
b. dutch auction.
c. second-price, sealed-bid auction.
d. english auction.

Should the government be downsized? which functions should be cut back? which ones should be expanded?

Which of the following accurately describes a surplus? a. consumer demand for a certain car is below the number of cars that are produced. b. the production costs for a certain car are below the sale price of that car. c. a reduction in the cost of steel enables a car company to reduce the sale price of its cars. d. a car company tries to charge too high a price for a car and has to reduce the price. 2b2t

What is the relationship between marginal external cost, marginal social cost, and marginal private cost? a. marginal social cost equals marginal private cost plus marginal external cost. b. marginal private cost plus marginal social cost equals marginal external cost. c. marginal social cost plus marginal external cost equals marginal private cost. d. marginal external cost equals marginal private cost minus marginal social cost. marginal external cost a. is expressed in dollars, so it is not an opportunity cost b. is an opportunity cost borne by someone other than the producer c. is equal to two times the marginal private cost d. is a convenient economics concept that is not real