Suppose it is common knowledge that thIn this bidding exercise there is one other bidder. Bidding is according to the rules of a first-price auction, just like the "Bidding for an Asset" exercise, with N=1. In each auction, the high bidder wins the prize and pays his bid; the low bidder wins nothing and pays nothing. [In case of a tie, the prize is split and each bidder pays half of his or her bid.] Your bid will be pitted against the bids of each member of the class, one at a time. VARIATION 1 (Symmetric Information): Suppose it is common knowledge that the value of the prize is 100 and that there are a total of two bidders. If your bid is x and your opponent's bid is y, then your payoff is 100 x if x > y, your payoffis 0 ifx