Multiple Choice
Assume that there are 9 bidders with reservation prices independently and uniformly distributed between $100,000 and $180,000. What is the expected value of the sale price at an English auction?
A) $140,000
B) $160,000
C) $164,000
D) $172,000
E) $175,000
Correct Answer:
Verified
Correct Answer:
Verified
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