Using technology in the production process.

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Problem 1 (Auctions).

A developer of a new technology τ can use the technology to produce an output with market value equal to 45. However, she wants to sell the rights of use of the technology at auction to reach a higher profit. She is considering sellign the technology and has hired the company you work for to help her decide how to sell it. You suggest she should use a sealed-bid first-price auction or a seald-bid second-price auction to allocate the technology. There are three potential buyers of the technology in the auction: Firms 1, 2 and 3. Their profit functions are:

respectively, where C(τ) is the cost of using technology τ in the production process. This profit functions are private information, that is, a firms knows only its own profit function, and the seller does not have access to this information. Answer the following items assuming the seller and all firms are profit maximisers.

Should the auctioneer set a reserve price? If so, what should the reserve price be for this auction? (5 marks)
If the selling mechanism is a first-price auction, who will win the auction? What will be the winner’s bid? How much will the winner pay? And what will be the winner’s profit when it starts using the technology? (15 marks)
If the selling mechanism is a second-price auction, who will win the auction? What will be the winner’s bid? How much will the winner pay? And what will be the winner’s profit when it starts using the technology? (15 marks)
What will be the profits net of investment made by the seller? (10 marks)

Sample Solution

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Classism reflection

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Watch this TED Talk from Gary Haugen, The Hidden Reason for Poverty the World Needs to Address Now.

Explain your interpretation of the complexity of social class, poverty, and discrimination in terms of the interconnections among race, ethnicity, age, gender, and schooling.
How are they related? How are they unrelated?

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Roles of Women in Sundiata

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Discuss the role of women in Sundiata. Compare and contrast its treatment of women with the depiction of women in Popul Vuh, Paradise Lost, and/or any of the previous epics that we have studied. Is woman mainly subordinated to her male counterparts or does she exert some degree of power or agency?

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Pursuit of Happiness and the Role of the Government

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  1. Write a Rhetorical Precis for the Declaration of Independence

Beneath your one paragraph precis, write a short argument that presents your understanding of the “pursuit of happiness” and the U.S. government’s role in securing or ensuring this based on the readings, below. (You’ll find the viewable texts further down on the page.)

The Declaration of Independence
“The Lost Meaning of the Pursuit of Happiness,” Arthur M. Schlesinger
“Liberty, Licentiousness, and the Pursuit of Happiness,” James R. Rogers
“How Government Can Make the American Public Happy,” Zach Miners
“Can Government Spending Really Increase Happiness?,” Emily Moon

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