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

question 21

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.If Anna holds an auction between the two customers,the expected value of this auction is

• A)​$70
• B)$78
• C)$85
• D)​$100

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Definitions:

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The practice of managing or operating something with necessary precautions to prevent harm or damage.

Energy Demand

The total amount of energy required by all consumers and businesses in a particular area or system.

Fuel Supplies

The available stockpiles or sources of fuels such as coal, gas, oil, and renewable energy sources used for consumption.

Recycling

The process of collecting, processing, and converting waste materials into new products to prevent the waste of potentially useful resources and reduce environmental impact.