When a famous painting becomes available for sale, it is often known which museum or collector will be the likely winner. Yet, the auctioneer actively woos representatives of other museums that have no chance of winning to attend anyway. Suppose a piece of art has recently become available for sale and will be auctioned off to the highest bidder, with the winner paying an amount equal to the second highest bid. Assume that most collectors know that Janet places a value of $125,000 on the art piece and that she values this art piece more than any other collector. Suppose that if no one else shows up, Janet simply bids $125,000/2 = $5,000 and wins the piece of art.

The expected price paid by Kenji, with no other bidders present, is $:
Suppose the owner Of the artwork manages to recruit another bidder, Manuel, to the auction. Manuel is known to value the art piece at $8,000.
The expected price paid by Kenji, given the presence of the second bidder Manuel, is $:

Afinancial institution, the thriftem bank, is in the process of formulating its loan policy for the next quarter. a total of $12 million is allocated for that purpose. being a full-service facility, the bank is obligated to grant loans to different clientele. the following table provides the types of loans, the interest rate charged by the bank, and the possibility of bad debt as estimated from past experience.type of loaninterest rateprobability of bad debtpersonal.140.10car.130.07home.120.03farm.125.05commercial.100.02 bad debts are assumed unrecoverable and hence produce no interest revenue either. competition with other financial institutions in the area requires that the bank allocate at least 40% of the total funds to farm and commercial loans. to assist the housing industry in the region, home loans must equal at least 50% of the personal, car, and home loans. the bank also has a stated policy specifying that the overall ratio for bad debts on all loans may not exceed .04. formulate this problem as a linear program. define your variables clearly and write all the constraints explaining the significance of each.

An instance where sellers should work to keep relationships with customers is when they instance where selllars should work to keep relationships with customers is when they feel that the product

Which of the following statements is incorrect? select one: a. personal creditors have first claim on partnership assets.b. partnerships are subject to dual taxation.c. no law requires partners to create a written partnership agreement, but it's smart to do so.d. partnership has limited life and unlimited liability.