Case Study 1: Auctions and Dynamic PricingThe following video describes auctions as price discovery mechanisms:The Ideal Auction.Use the video on auctions and at least three academic or high-quality business publications (see acceptable types below) to answer the following questions in 5–7 pages. Other articles and resources can be found at the Strayer Library.There are many types of auctions, each with strengths and weakness at uncovering the real price or value of an item. Compare and contrast how each of the following uncovers value:English and Dutch auctions.Sealed-bid first-price auctions and Vickery auctions.Compare and contrast surge pricing and congestion pricing. Give an example of each currently in use.Auctions are widely used in finance, e-commerce, and in e-games. Identify three examples of auctions used in finance, e-commerce, and/or e-games. Explain the following in-depth:The need for an auction to uncover value in the product or service.How the type of auction used to uncover the value of the product or service is better at uncovering value than other types of auctions.Auctions are also widely used to generate revenue for not-for-profit organizations. What are the advantages or disadvantages of auctions as revenue generators for not-for-profit organizations?Suggest ways in which a for-profit company, such as the company for which you work or a company for which you aspire to work, can use auctions or dynamic pricing to better uncover value and increase revenue.Formatting RequirementsThis course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.Acceptable Types of PublicationsA high-quality, professional business publication is one that is primarily directed at reporting or analyzing the workings of business. Examples are the Wall Street Journal, Bloomberg, and Reuters. Avoid general news publications such as USA Today, the Washington Post, and the New York Times.Please do not rely on Wikipedia, Investopedia, or similar websites as references at any time in this course.