7 You are one of five risk-neutral bidders participating in an independent private value auction.

7 You are one of five risk-neutral bidders participating in an independent private value auction. Each bidder perceives that all other bidders’ valuations for the items are evenly distributed between $50,000 and $80,000. For each of the following auction types, determine your optimal bidding strategy if you value the item at $75,000a First-price, sealed bid auctionb Dutch auctionc Second-price, sealed-bid auction d English auction