AutoSave . Off) Econ 301 - Spring 2019 - Blue Final (1) - Saved to this PC Search (Alt+Q) Vasili, Justin B VJ X File Home Insert Draw Design Layout References Mailings Review View Help Share Comments & Cut Calibri (Body) 11 ~ A" A Aa Ap Find AaBbCcDd AaBbCcDd AaBbC AaBbcc Aab AaBbCCD Lol S'c Replace Paste [ Copy 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Dictate Sensitivity Editor Reuse Format Painter BI U~ ab X x A LA Select Files Clipboard Font Paragraph Styles Editing Voice Sensitivity Editor Reuse Files BLUE Final Exam Page 5 of 8 Econ 301 - Spring 2019 Jim is participating in one of the largest auctions of vintage guitars he has ever attended... He is particularly interested in a 1956 Gibson Les Paul Guitar in fair condition,.. He believes the independent private valuations of this guitar by the 100 risk neutral bidders (including Jim) in the auction are uniformly distributed from a low price of $1,800 to a high price of $10,000... Jim values the guitar at $9,800. 21. If the auction is a Dutch auction, Jim will wait until the bid price equals before he raises his hand or shouts "Mine!" a) $9,640 b) $9,680 c) $9,720 d) $9,760 e) $9,800 22. If this auction is a Second Price Sealed Bid, or Vickrey, auction, Jim will submit a bid equal to a) $9,640 b) $9,680 c) $9,720 1) $9,760 e) $9,800 23. If this auction is a First Price Sealed Bid auction, Jim's maximum expected gain from participating in this auction equals a) $2.57 b) $3.64 c) $9.85 d) $46.75 e) $80.00 24. The expected revenues for the seller of this guitar will be greatest if the format chosen for the auction is a(n) auction. a) English b) Dutch c) Vickrey d) First Price Sealed Bid e) Expected Revenues will be same regardless of the auction format chosen. Page 1 of 8 2234 words CX " Focus - + 90% Type here to search 10:18 AM 3 W 39.F 12/14/2021