Homework: The Economics of information and Gov... 0 Saved Help Save& Exii: 5 points eEock 2eferences CPTincorporated is a local manufacturer of conveyor systems Last year, CPTsold over $2 million worth of conveyor systems that netted the company $100000 in profits Raw materials and labor are CPT's biggest expenses Spending on structural steel alone amounted to over $500,000. or 25 percent oflotal sales. In an effort to reduce costs. CPTnow 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 $8.000 and $2?,000. You are the purchasing manager at CPTand are bidding on three tons ofsixeinch hoterolled channel steel against4 other bidders. Your company values the three tons of channel steel at $19,000. What is your optimal bid? Instructions: Enter your response rounded to the nearesl penny (two decimal places}. $ Submit