Anna's Antiques Expects to Get Two Bidders for the Unique

question 11

Multiple Choice

Anna's Antiques expects to get two bidders for the unique china teacup it sells.Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability.What is the expected revenue from setting the price at $70?

• A)​$60
• B)$70
• C)$80
• D)​$100

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Definitions:

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