Inc. is a local manufacturer of conveyor systems. Last year, sold over $2 million worth of conveyor systems that netted the company $100,000 in profits. Raw materials and labor are s biggest expenses. Spending on structural steel alone amounted to over $500,000, or 25 percent of total sales. In an effort to reduce costs, now uses an online procurement procedure that is best described as a first-price, sealed-bid auction. The bidders in these auctions utilize the steel for a wide variety of purposes, ranging from art to skyscrapers. This suggests that bidders value the steel independently, although it is perceived that bidder valuations are evenly distributed between $5,000 and $20,000. You are the purchasing manager at and are bidding on three tons of six-inch hot-rolled channel steel against 5 other bidders. Your company values the three tons of channel steel at $12,000. is your optimal bid?
http://myperfecttutors.com/wp-content/uploads/2022/08/logo-image-300x115.jpeg 0 0 My Perfect Tutors http://myperfecttutors.com/wp-content/uploads/2022/08/logo-image-300x115.jpeg My Perfect Tutors2020-06-01 13:13:182020-06-01 13:13:18Inc. is a local manufacturer of conveyor systems. Last year, sold over $2 million worth of conveyor systems that netted the company $100,000 in profits. Raw materials and labor are