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Suppose the following bidders are going to participate in a second-price sealed bid auction : Bidder Private Value for Item Bidder #1 $1,050 Bidder #2

Suppose the following bidders are going to participate in asecond-price sealed bid auction:

Bidder

Private Value for Item

Bidder #1

$1,050

Bidder #2

$1,150

Bidder #3

$1,100

Bidder #4

$1,250

Bidder #5

$1,000

If each bidder places their optimal bid, what does the winning bidder pay for the item?

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