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Suppose you are one of 5 people bidding on a newly discovered painting by Van Gogh. The auction is set up as a first-price sealed

Suppose you are one of 5 people bidding on a newly discovered painting by Van Gogh. The auction is set up as a first-price sealed bid auction. You value possessing this painting at $3.5 million. a. What bid will you submit? b. Suppose the auction were set up as an English Auction instead. What would you plan your final bid to be

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