read Bidding Exercises and provide both a recommendation and a justification of your recommendation for each of the first three exercises. 1) As the first exercise hints, there is not enough information to find a "correct" answer. But your answer should discuss what are the forces that determine what an optimal bid might look like. How would your bidding strategy change if there were another bidder? 2) In the second exercise, to simplify the problem, assume that you do not receive any proceeds from the auction. 3) In addition to the stated question, suppose that you expect the other bidder's bid to be uniformly distributed between $5 and $15 millionwhat should you bid in this case