Suppose that a government auctions 40 licenses each month. last month, in the first auction, 25 people bid 3.2 pounds of protein, 20 people bid 3.1 pounds, 15 people bid 3.0 pounds, 5 people bid 2.9 pounds, and 10 people bid 2.8 pounds.

The answer is, the lowest bidding price is  3.1 pounds of protein

Explanation:

Solution

Given that:

For sustainable outcome, the government must give sustainable number of licences

The government is going auctions 40 licenses each month. the lowest winning bid would be lowest price at which the licences are given out y the government.

The government will start from the highest then to the lowest bid

So,

The number of people or individuals to be considered are 25 25 people bid 3.2 pounds and 20 people bid 3.1 pounds

so, the lowest bidding price is 3.1 pounds of protein.

Therefore, the lowest winning bid in the auction last month is 3.1 pounds of protein

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