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Business Its Legal Ethical & Global Environment

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter2: Business Ethics And Social Responsibility

Section: Chapter Questions

Problem 8QAP

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15. At the end of performances of his Broadway play, "Cyrano de Bergerac," Kevin Kline, who starred as Cyrano, the cavalier poet with a huge nose, auctioned his prosthetic proboscis, which he and his co-star, Jennifer
Garner, autographed to benefit Broadway Cares in its fight against AIDS.
An English auction was used. One night, a television producer grabbed the nose for $1,400, while the next night it fetched $1,600. On other nights it sold for $3,000 and $900.
Why did the value fluctuate substantially from night to night?
values for the auction item.
The value of the nose fluctuated from night to night because the bidders have (1)
Which bidder's bid determined the sales price?
The bidder whose value determined the sales price was the (2)
bidder.
How was the auction price affected by the audience's knowledge that the proceeds would go to charity? Why?
Since proceeds went to the AIDS charity, private values
O A. were equal to zero.
O B.
differed by each bidder's value of the AIDS charity.
O C.
differed by each bidder's rationality.
O D.
were equal to each bidder's common value.
OE. were the same for each bidder.
(1) O private
(2) O lowest
O second-lowest
O highest
O second-highest
O common

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