Use the following information for the next three questions:

Assume you are a reseller of football tickets and are reselling tickets to the College Football Playoff National Championship game.You have three types of customers that differ in their willingness to pay, but you are unable to detect this.The first type, which comprises 50% of your customers, is from Manhattan, KS and is willing to pay $800 for your tickets.The second type, which accounts for 40% of your customers, is from Pullman, WA and is willing to pay $550.The third type, which accounts for the remainder of your customers, is from New Orleans, LA and is willing to pay $300.You are able to acquire tickets for $150 each.

1) If you charge a uniform price, what price should you charge to maximize profits?

2) What are your expected profits if you set up an oral auction with two bidders?Each of the two bidders can potentially be one of your three types of customers.

3) What are your expected profits if you set up a Vickrey auction that has two bidders?Each of the two bidders can potentially be one of your three types of customers.