Suppose There Is the Following Oral Auction with Two Bidders

question 146

Multiple Choice

Suppose there is the following oral auction with two bidders.What is the expected revenue of the auction? $$\begin{array} { l l l } \text { Bidder 1 } & \text { Bidder } 2 & \text { Prabability } \\\hline 10 & \$ 10 & .25 \\\$ 10 & \$ 15 & .25 \\\$ 15 & \$ 10 & .25 \\\hline 15 & \$ 15 & .25\end{array}$$

• A)$11.25
• B)$12.50
• C)$13.75
• D)$15

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Definitions:

Less Negative

Refers to a situation or condition that is not as adverse or undesirable as it could be; somewhat improved.

Action Potential

A temporary reversal in the electrical potential across a plasma membrane that occurs when a cell has been activated by a stimulus, essential for nerve impulse conduction.

Electrical Charge

A physical property of particles or objects that causes them to attract or repel each other due to the presence of electric charge, either positive or negative.

Neuron

A cell dedicated to sending signals in the form of nerve impulses; known as a neuron.