Ch12Q14

CPT incorporated is a local manufacturer of conveyor systems, Last year. CPT sold over $2 million worth of conveyor systems that amounted to over $500,000, or 25 percent of total sales in an effort to reduce costs, CPT 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 percelved that bidder You are the purchasing monager at CPI and ore bldding on three tons of six-inch hot-rolled charnel sted against 5 other bidders. Your company volues the thice tons of channel steel at $12,000. What is your optimal bid? Instructions: Enter your response founded to the nearest pentry two decimal placesf