Based on the probability of the high value bidders and the low-value bidders for the unique china teacup sold by Anna's Antiques, the expected revenue from setting the price is B. $70
The expected revenue that a person makes depends on the prices that are being offered for the product to be sold. When there is a high bid and a low bid, the expected revenue is found as:
= (Probability of high bid x High bid price) + (Probability of low bid x Low bid price)
This would only work if the price of something was not already set.
if the price is already set as was the case here, then the expected revenue would be the price that the product was set at, if this price was lower than the high-value bid but the same as the low-value bid As the $70 is lower than the $100 high value bid, the expected revenue from setting the price at $170 is $70.
Find out more on expected revenue at https://brainly.com/question/4177260
#SPJ1
