Consider that there is one auctioneer who would like to sell one commodity and there are 5 individuals, 1, 2, 3, 4, and 5. The auctioneer will...

Consider that there is one auctioneer who would like to sell one commodity and there are 5 individuals, 1; 2; 3; 4; and 5. The auctioneer will apply the 2nd- pricing auction rule. Let each individual iís private value of the commodity, vi, is given as: v1 = $800;v2 = $700;v3 = $1000;v4 = $900;v5 = $600.

Then, answer the dominant strategy equilibrium of this auction game. More-

over, provide a proof of your answer.