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A seller decides to sell an object by means of a sealed-bid second-price auction without a reservation price.There are two bidders.The seller believes that for each of the two bidders there is a probability of 1/2 that the bidder's value for the object is $400 and a probability of 1/2 that the bidder's value is $300.The seller believes that these probabilities are independent between bidders.If the bidders bid rationally, what is the seller's expected revenue from the auction?
Contract Status
The current legal state or condition of a contract, including whether it is active, pending, or terminated.
Illegal Services
Services that are prohibited by law, such as those that involve criminal activities or violate regulations.
Quota
A fixed share or a target that has to be met, often used in the context of sales, production, or immigration.
Secretary of State
A high-ranking official in the government responsible for foreign affairs or domestic administrative matters, depending on the country.
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