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1. a) Explain what happens to observed prices in posted offer and double auction markets when there at least two sellers. b) Explain what happens in these two markets as the number of sellers drops to only one seller. c) explain how part b) illustrates to the first experimental principle


2. Recall the loser pay winner auction experiment done in class. (a) Discuss how these experiments explain why the bidders changed their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning. (b) Discuss how the experiment explains why George Bush and many citizens changed their minds about a "preemptive" attack on Iraq. (c) How do these experiments explain why England wanted to tax trade in the American colonies; which led to rebellion and the formation of the United States

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Mahe Alam
Mahe AlamLv10
30 Sep 2019

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Related questions

1. In the formula for Bayes theorem if the w-probability is greater than the zero than the a-probably is less than the b-probability

true or false

2. posted offer markets with at least two sellers will generate prices that remain a little above prices from double auction markets

3. running the price clock in a dutch auction once will produce higher observed prices compared to running the clock twice

4. if losers pay winners in a sealed bid auction then they will eventually be willing to bid up to 50 percent more than the winning prize

5. with only one seller in a posted offer market prices willl tend to move upward toward the monopoly price

6. adjusting the concentration of sweet versus sour enabled rats to have a large negative income effect for sour water

7. a sales tax on large luxury boats will impact the buyers more than the sellers of these boats causing the buyers to pay more than half the cost of the sales tax

8. if each seller knew all of the sellers unit costs and the buyers knew all of the buyers unit values a buyer or seller would be able to calculate the competitive equilibrium price before an experiment began

9. suppose your income taxes rise only on incomes over 250,000 annualkly then your after tax income will be unafftected if your annual income is 100,000

those first nine are true and false

these are short answer

1. explain the logical steps to explain how negative price effects can reult from the negative income effects

2.what happens to observed prices inposted offer and double auction markets as the number of sellers drops to 2. what happens when these two markets sellers drops to 1

3. in a looser pay winner auction. why do bidders change their minds toward wanting to bid well above the value of the price even though they refused to do so at the beginning. how does this experiment explain why george bush and citizens changed their minds about preemptive attack on iraq. how do these experiments explain why england wanted to tax trade in the american colonies which led to rebellion and the formation of the us.

if you could help with any of these thatd be great

1. In the formula for Bayes theorem if the w-probability is greater than the zero than the a-probably is less than the b-probability

2. posted offer markets with at least two sellers will generate prices that remain a little above prices from double auction markets

3. running the price clock in a dutch auction once will produce higher observed prices compared to running the clock twice

4. if losers pay winners in a sealed bid auction then they will eventually be willing to bid up to 75 percent more than the winning prize

5. with only one seller in a posted offer market prices willl tend to move upward toward the monopoly price

6. adjusting the concentration of sweet versus sour enabled rats to have a large negative income effect for sour water

7. a sales tax on large luxury boats will impact the buyers more than the sellers of these boats causing the buyers to pay more than half the cost of the sales tax

8. if each seller knew all of the sellers unit costs and the buyers knew all of the buyers unit values a buyer or seller would be able to calculate the competitive equilibrium price before an experiment began

9. suppose your income taxes rise only on incomes over 250,000 annualkly then your after tax income will be unafftected if your annual income is 100,000

Short Essay Questions

1. Recall the loser pay winner auction experiment done in class.

a. Discuss how these experiments explain why the bidder changed their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning

b. Discuss how the experiment explains why George Bush and many citizens changed their minds about a

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