e. Now consider a sequential first price auction in which an auctioneer keeps increasing the price of x in small increments and any potential bidder signals the auctioneer whether she is willing to pay that price. (Assume that the signal from bidders to auctioneer is not observable by other bidders.) The auction ends when only a single bidder signals a willingness to pay the price, and the winner then buys the item x for the price equal to his winning bid. Assuming the increments the auctioneer uses to raise the price during the auction are sufficiently small, approximately what will each player’s final bid be?