Sealed+bids+class+exercisefilled+in

Sealed+bids+class+exercisefilled+in - Math 103 Section 11...

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Math 103 Section 11 Class exercise on sealed bids. Please do this exercise with another student and hand it in. You will bid on the items in the table and then complete the table: Item Name 1 Steve Name 2 Amanda Jeans 20.00 18.00 Backpack 6.00 15.00 Boots 60.00 40.00 Total Bids 86.00 73.00 Fair Share= Total Bids/# of players 43.00 36.50 Value of items received 80 15 Prelim cash settlement= fair share-value of items received negative value means “pays” positive value means “gets” -37 Pays 37 21.50 Gets 21.50 Surplus: 37-21.50=15.50 Share of surplus= Surplus/# of players 15.50/2=7.75 15.50/2=7.75 Final cash settlement= Prelim cash settlement + Share of surplus -37+7.75=-29.25 Steve pays $29.25 to Amanda and Steve gets jeans, boots 21.50+7.75=29.25 Amanda gets $29.25 and the backpack To calculate the surplus: Use the numbers in the preliminary cash settlement. Add up all the money going to the kitty (these are negative numbers, what the players “pay”).
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This note was uploaded on 01/20/2012 for the course MATH 103 taught by Professor Berkowitz during the Spring '07 term at Rutgers.

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Sealed+bids+class+exercisefilled+in - Math 103 Section 11...

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