This set-up is used for the following three problems.Mahmud, Katya, and Safiya are dividing an estate consisting of a house and a car, using the Method of Sealed Bids. Their bids on each of the items are given in the following table. MahmudKatyaSafiyaHouse$260,000$250,000$290,000Car$22,000$20,000$19,000In the question above, who receives the house and who receives the car?Group of answer choicesSafiya gets the house. Mahmud gets the car.Katya gets the house. Safiya gets the car.Safiya gets both itemsMahmud gets the house. Safiya gets the car.

Sealed Bids have a single round of simultaneous bids in which the buyer who submits the highest bid…

Answered: This set-up is used for the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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This set-up is used for the following three problems.

Mahmud, Katya, and Safiya are dividing an estate consisting of a house and a car, using the Method of Sealed Bids. Their bids on each of the items are given in the following table.

	Mahmud	Katya	Safiya
House	$260,000	$250,000	$290,000
Car	$22,000	$20,000	$19,000

In the question above, who receives the house and who receives the car?

Group of answer choices

Safiya gets the house. Mahmud gets the car.

Katya gets the house. Safiya gets the car.

Safiya gets both items

Mahmud gets the house. Safiya gets the car.

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