You have decided to attend an auction to bid on a Wimbledon tennis ball that has been autographed by tennis star Venus Williams, which you hope to keep as a good luck charm.Your maximum willingness to pay for the tennis ball is $250.The auction is a "first-price" sealed-bid auction, in which the highest bidder wins and pays the price that he/she bid.

1. Suppose that there is one other bidder for the tennis ball.Your guess is that the other bidder's valuation of the tennis ball is in the range of $100 to $200, with a uniform distribution on all values in between.What bid should you submit?

2. Suppose instead that there are 2 other bidders for the tennis ball, and (you guess) that each of those bidder's valuations of the tennis ball is (again) in the range of $100 to $200, with a uniform distribution.Now what bid should you submit?Explain why your bid is (or is not) different from your answer to #1.