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Economics Auctions Please help me on the following question: Question 5. There are two bidders in a secondprice, private values auction. Each bidder's value is

Economics Auctions

Please help me on the following question:

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Question 5. There are two bidders in a secondprice, private values auction. Each bidder's value is uniformly distributed on the interval [0, 8]. Suppose the price that the winning bidder pays is 5. (a) What is the expected value of the object to the winning bidder, conditional on the Winning price? (b) What is the winning bidder's surplus

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