The following graph shows the bid value and probability of winning an auction for an oil painting under a first-price sealed bid auction with private values. The bidder is willing to pay a maximum of £2000 for the oil painting. Refer to the graph to answer the question. 
The expected value from winning the auction at the price of £2000 is equal to the area _____.
Definitions:
ATC Curve
The average total cost curve, which represents the per-unit total cost (fixed plus variable costs) of production for varying quantities of output.
Short Run
A time period in economics where at least one factor of production is fixed, limiting the immediate response of a firm to changes in market conditions.
Fixed Costs
Fixed costs are business expenses that remain constant regardless of the level of production or sales.
Average Variable Cost
The total variable cost divided by the quantity of output produced.
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