3. Consider the following two bidder auction. Two bidders bid simultaneously. The highest bidder wins the object. If bidder 1 wins, then it pays its bid; if bidder 2 Wins1 then it pays an amount that is equal to bidder 1's bid. Assume that the two bidders1 valuations are independent and uniformly distributed over the interval [01 l]. (3.) Describe the situation as a game with incomplete information. (b) Find a BayesianNash equilibrium of the game. (Hint: think before you start taking derivatives; notice that bidder 2's bid has no direct effect on the price she pays }. (c) Is the equilibrium you found efcient (is the object always assigned to the bidder who values it most]