A decision maker with an exponential u-function and a risk aversion coefficient, y= 0.001, who is engaging in a sealed bid auction. The u-curve is, U(x)=1-exp(-yx) The decision maker's PIBP for the bidding item is $900, and believes that the maximum competitive bid distribution is a scaled Beta (10,10) distribution on a scale of 0 to 1000, i.e, Beta(10,10,0,1000). 1) Plot the Opposing forces of bidding (i.e. plot the cumulative distribution of the maximum competitive bid vs. bid, and the curve of [PIBP-bid] vs. bid) 2) Plot the certain equivalent of any bid vs. the bid amount. 3) Determine the optimal bid for the decision-maker. 4) Determine the least amount of money that the decision maker needs to be paid in order to not participate in this bidding situation. 5) Plot a sensitivity analysis for the optimal bid vs. the risk aversion coefficient (over the range 0 to 0.1). 6) From your plot, determine if the more risk averse people bid higher or lower than the less risk averse people. 7) Plot a sensitivity analysis for value of bidding situation vs the risk aversion coefficient (over the range 0 to 0.1). 8) Repeat parts (3) and (4) if the PIBP is $400. Comment on the difference in the results when the PIBP was $900. 9) Extra Credit: Plot a two-way sensitivity analysis for optimal bid vs both the risk aversion coefficient and PIBP. Hint: This is a 3D plot. If using Excel, you can use a 2Dimensional Data Table.