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Suppose you consider bidding at a government auction where the bids are sealed in envelopes with only one chance to bid.The winning bid gets the job and all others receive nothing.All bidders must pay a $25,000 bribe to participate.You intend to bid on a job at a price of $10 million, and you know that your cost to complete the job is $8 million.If the probability that you'll win is 50 percent, what is the rational course of action?

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Suppose you consider bidding at a government auction where the bids are sealed in envelopes with only one chance to bid.The winning bid gets the job and all others receive nothing.All bidders must pay a $25,000 bribe to participate.You intend to bid on a job at a price of $10 million, and you know that your cost to complete the job is $8 million.If the probability that you'll win is 50 percent, what is the rational course of action?





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