2) Assume there are two bidders who are competing at a private-value auction, decided by a sealed bid, first price mechanism. Let v, and b, denote your valuation and bid and let vj and by denote the valuation and bid of the other bidder. If you outbid your opponent (b> b)), your payoff is (vi bi), otherwise zero. While your opponent's valuation is private information and unknown, you know that it is uniformly distributed between 0 and 1, thus F(v)=P(v