Multiple Choice
Anna's Antiques expects to get two bidders for the unique china teacup it sells.Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability.If Anna holds an auction between the two customers,the expected value of this auction is
A) $70
B) $78
C) $85
D) $100
Correct Answer:
Verified
Correct Answer:
Verified
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