• Please review and answer the following question.
  

Written.com - Order Mane|X Connect X G liberty university - Google Search x Mail - McNair, James R - Outlook x + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fwebapps%252Fportal" ESPN: The Worldwi... Shalimar Weather -... G Google https://searchsafe.n... New Tab Bookmarks Pay Someone To D... Homework 8 i Saved 4 CPT Inc. is a local manufacturer of conveyor systems. Last year, CPT sold over $2 million worth of conveyor systems that netted the company $100,000 in profits. Raw materials and labor are CPT's biggest expenses. Spending on structural steel alone 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 points from art to skyscrapers. This suggests that bidders value the steel independently, although it is perceived that bidder valuations are evenly distributed between $6,000 and $21,000. Skipped You are the purchasing manager at CP7 and are bidding on three tons of six-inch hot-rolled channel steel against 4 other bidders. You company values the three tons of channel steel at $9,000. What is your optimal bid? Book Instruction: Enter your response rounded to the nearest penny (two decimal places). References