Question 7.You are one of five risk-neutral bidders participating in an independent private values auction for a rental property. Each bidder perceives that all other bidders' valuations for the item are evenly distributed between $100,000 and $200,000. Your value for the property is $140,000. You don't know in advance what type of auction will be used, so it's good to plan ahead. Describe your best bid/strategy for each type of auction below.

1. First-price, sealed-bid auction.

Bid = $________

2. Dutch auction.

Let the auctioneer:

1. Lower
2. Raise

the price unit it reaches $________

3. Second-price, sealed-bid auction.

Bid = $________

4. English auction.

Remain active until price exceeds $__________________, then drop out.