(a) [10pts] First suppose both buyers' valuations for the object, v1 and v2, are independently drawn from the uniform distribution U [0, 1]. Suppose you are buyer 1 and you observe privately that v1 = 3/4, while buyer 2 privately observe v2. If the reserve price is 0, how much should you bid? If the reserve price is 1/4, how much should you bid? (b) [10pts] Next suppose the value of the object is the same for both buyers (i.e., v = v1 = v2). Furthermore, buyer 2 knows v but buyer 1 does not. The seller runs a second-price sealed-bid auction with reserve price 1/4. Suppose you are buyer 1. How much will you bid? Will you submit a bid above the reserve price 1/4? Why