A bidders value for a good may be low 2 medium 5 or high 7, Business Economics

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A bidders value for a good may be low 2 medium 5 or high 7

A bidders' value for a good may be low ($2), medium ($5), or high ($7). There are an equal number of potential bidders having each value. Suppose two bidders show up for an auction at which the good is offered. The possible outcomes of the auction are listed below. What is the best estimate of the expected revenue from the auction, assuming there is no minimum bid increment?

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Business Economics: A bidders value for a good may be low 2 medium 5 or high 7

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Business Economics: A bidders value for a good may be low 2 medium 5 or high 7

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