Unit VI Essay.docx (3) MBA 6053 The influence of auction on the benefit of buyers and

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Unit VI Essay.docx (3) MBA 6053 The influence of auction on the benefit of buyers and sellers Economics for Managers MBA 6053 Abstract Auctions have many different forms of organization. It g... ives producers and the buyers the opportunity to trade at a desired price. Sometimes, items that cannot yet be priced or whose prices are usually changeable. Besides, some services and products are also not to be priced in the usual ways. In some cases, a floor price may exist. These items will be auctioned to determine their value. When the prices offered are not higher than this floor price, the item will not be sold. However, the bidders who attend the auction still have to pay a fee to the organizer. This paper will discuss about two type of auctions: oral auction and second-price auction. Figures are used to illustrate more specifically for each case. The influence of auction on the benefit of buyers and selle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]

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