Suppose you bid at a government auction where Tony Pizur @Regis Math

Question 55 / 60: Suppose you bid at a government auction where the bids are sealed in envelopes with only one chance to bid. The winning bid gets the job and all others receive nothing. All bidders must pay a $50,000 bribe to participate. You bid on a job at a price of $1 million, and you know that your cost to complete the job is $800,000. If the probability that you'll win is 25 percent, what is the expected value?

A $0

B $37,500

C $50,000

D 75%

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Math for Economists ECON200

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Prof.Tony PizurProfessor

Regis University

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Attribution: Tony Pizur. Math for Economists (The Saylor Academy 2014), http://www.saylor.org/courses/econ200/

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