Reserve Price in a Second-Price Auction There are TWO bidders who have independent, private values '01, '02 which can take three values: 1, 2 or 3. For both bidders, the probabilities of values are as fol lows: Value Probability 1 1/3 2 1/3 3 1/3 The value of the object to the auctioneer is O and the auctioneer introduces a reserve price R Z 0 which is known to bidders. Reserve price sets the minimum amount that the winner needs to pay to the auctioneer. A bidder must bid at least the reserve price to be eligible to win the object. Standard rules of the second-price auction apply. When there is a tie for the highest bid, the winner is selected at random from among the highest bidders. 3 points Calculate the seller's expected revenue when R = 0 In other words, when there is no reserve price. Instructions: Round your answer to 2 decimal places (for example, 1/3 is 0.33, 1/2 is 0.5 and 2/3 is 0.67). Type your answer... 3 points Calculate the seller's expected revenue when 321 Instructions: Round your answer to 2 decimal places (for example, 1/3 is 0.33, 1/2 is 0.5 and 2/3 is 0.67). Type your answer... 16 3 points Calculate the seller's expected revenue when R = 2 Instructions: Round your answer to 2 decimal places (for example, 1/3 is 0.33, 1/2 is 0.5 and 2/3 is 0.67). Type your