If James Has an Indifference Curve Characterized by the Function

question 1

Essay

If James has an indifference curve characterized by the function of U = 2X3 Y2, what is his marginal rate of substitution between goods X and Y?

Understand the expected revenue outcomes for sellers based on auction design and bidder valuations.

Grasp the strategic implications of Vickrey (second-price sealed-bid) auctions for bidders and sellers.

Understand the concept of the winner's curse and its implications for bidding strategy.

Understand the concept of an English auction and how reservation prices affect expected revenue.

---

Definitions:

Visual Merchandiser

A retail professional that develops layout plans and displays aimed at improving store sales by highlighting select items using visually appealing displays.

Assortment

The variety of products or services offered by a company or available in a market.

Supply Chain/Logistics Manager

A professional responsible for overseeing and managing a company's supply chain and logistics strategy and operations to maximize efficiency and productivity.

Retailing

All of the business activities involved in the sales of goods and services to an end consumer for their personal, family, or household use.