Your company is competing in a sealed-bid auction for a package of items your company values at $30,000. You expect the bids to be uniformly distributed between $20,000 and $30,000. a. Fill in the following table P(Win) Competitors = 2 Bid Profit E(Profit) Competitors = 2 P(Win) Competitors = 3 E(Profit) Competitors = 3 $20,000 $22,000 $24,000 $26,000 $28,000 $30,000 If there are two competitors, what is the optimal bid? b. If there are three competitors, what is the optimal bid? C.

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