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Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022 Exercise 11
Suppose that a flower grower brings 100 boxes of roses to auction. There are many buyers at the auction; each may either offer to buy one box at the stated price by raising a bid paddle or decline to buy.
1. If the auctioneer starts at zero and calls off successively higher per-box prices, how will he or she know when an equilibrium is reached?
2. If the auctioneer starts off at an implausibly high price ($1,000/box) and successively lowers that price, how will he or she know when an equilibrium is reached?
1. If the auctioneer starts at zero and calls off successively higher per-box prices, how will he or she know when an equilibrium is reached?
2. If the auctioneer starts off at an implausibly high price ($1,000/box) and successively lowers that price, how will he or she know when an equilibrium is reached?
Explanation
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1) When 100 paddles are in the air, the ...
Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
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