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the treasury announces an auction of 10 billion par value of 52 week treasury bills 598250

The Treasury announces an auction of $10 billion par value of 52-week Treasury bills. Two billion dollars of noncompetitive bids are received. The competitive bids are as follows:

Price per $1 of par

Par value ($)

0.9200

3 billion

0.9194

3 billion

0.9188

4 billion

0.9180

2 billion

0.9180

2 billion

0.9178

6 billion

Compute the price per dollar of par paid by noncompetitive bidders with a one-price auction. How would this price compare to the price paid by noncompetitive bidders with a discriminatory auction?

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