Consider a first-price, sealed-bid auction in which a bidder’s valuation can take one of three values: 5, 7, and 10, occurring with probabilities .2, .5, and .3, respectively. there are two bidders, whose valuations are independently drawn by nature. after each bidder learns her valuation, they simultaneously choose a bid that is required to be a positive integer. a bidder’s payoff is zero if she loses the auction and is her valuation minus her bid if she wins it. a. determine whether it is a symmetric bne for a bidder to bid 4 when her valuation is 5, 5 when her valuation is 7, and 6 when her valuation is 10. b. determine whether it is a symmetric bne for a bidder to bid 4 when her valuation is 5, 6 when her valuation is 7, and 9 when her valuation is 10.

The legal form of business ownership that is owned by many people is called a

Suppose that hubert, an economist from an am talk radio program, and kate, an economist from a nonprofit organization on the west coast, are arguing over government bailouts. the following dialogue shows an excerpt from their debate: kate: to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. hubert: indeed, it’s gotten crazy! a government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. kate: i don’t know about that. without a bailout of severely distressed financial firms, the economy will experience a deep recession. the disagreement between these economists is most likely due todifferences in scientific judgments . despite their differences, with which proposition are two economists chosen at random most likely to agree? business managers can raise profit more easily by reducing costs than by raising revenue. central banks should focus more on maintaining low unemployment than on maintaining low inflation. employers should not be restricted from outsourcing work to foreign nations

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available. two-thirds of the work related to $15,000 of cash received in advance was performed this period. the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired. wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.