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The Treasury is auctioning off $3.85 billion in T-bills. The following competitive bids were received: Bidder Bid Amount (millions) Price ($). 1 775 0.996 2 1650 0.998 3 1350 0.9975 4 425 0.995 5 1000 0.9955 6 750 0.994 a. What is the market clearing price, who gets T-bills, and how much do they get? b. If you now assume that there are $525 million in non-competitive bids received: 1. What is the minimum number of non-competitive bidders? 2. What is the market clearing price, who gets T-bills, and how much do they get? The Treasury is auctioning off $3.85 billion in T-bills. The following competitive bids were received: Bidder Bid Amount (millions) Price ($). 1 775 0.996 2 1650 0.998 3 1350 0.9975 4 425 0.995 5 1000 0.9955 6 750 0.994 a. What is the market clearing price, who gets T-bills, and how much do they get? b. If you now assume that there are $525 million in non-competitive bids received: 1. What is the minimum number of non-competitive bidders? 2. What is the market clearing price, who gets T-bills, and how much do they get