Page a > of2 Instructions Please answer each questions as clearly and precisely as possible. Also, do not forget to include your calculations since I must be able to identify how you get to the answers to evaluate your work properly. 1. Consider a second price auction with N bidders and complete information where the valuations of each bidder is known by all the bidders. We will order bidders based on their bids as follows: 01 R. e. Suppose now that a rst price auction format is used instead. Write the expected payoff bidder i with valuation 91- obtains by submitting a bid b.- in this game, assuming that all other bidders use the same strictly increasing bidding function 19. f. Assume N = 2 and find a symmetric BNE in which all bidders use the same strictly increasing bidding function [3. g. Compute the expected revenue the auctioneer is collecting from a bidder i with valuation 0,- in equilibrium. h. Compute the total expected revenue the auctioneer is collecting in this auction (rst price). How this compares to the expected revenue he is collecting in the second price auction? What would be the expected revenue if the auctioneer uses an allpay auction instead? 0 ZOOM +