Suppose that n 2 bidders are submitting bids to win an, Ask an Expert

Economics

Suppose that n 2 bidders are submitting bids to win an item that is worth 100 to each of them.a bid is any number from (0,100). The highest bid wins the item. if m bidders submit the highest bid then they share the item, so each receives a benefit of 100/m.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91297601

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