You are in the market for a new house and have decided to bid for a house
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a. Should you bid in this auction? Why or why not?
b. Suppose you are a building contractor. You plan to improve the house and then to resell it at a profit. How does this situation affect your answer to part a? Does it depend on the extent to which your skills are uniquely suitable to improving this particular house?
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a Yes you should bid if you are confident about your estimate of the value of the house andor if you ...View the full answer
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