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Jane wants to auction off an item, but does not know where to go to find...

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Advance Math

Jane wants to auction off an item, but does not know where to goto find bidders. David offers to find bidders for her, but willcharge her $10 per bidder he gets to show up. Each bidder willuniformly value the item between [500. 1000). The highest bidderwill win the item and pay the second-highest bidder's price(Vickrey auction). How many bidders should Jane pay David tofind?

Answer & Explanation Solved by verified expert
3.9 Ratings (538 Votes)
according to the given question bidders bid uniformaly between500 and 1000 For each bidder jane pays 10 to davidsolutionsuppose there are n    See Answer
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