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? Explain (4 pts) 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. (4 pts)