Usually advertisers feel that if they show up on first position they will be at great advantage. However it is not the case... the first position might give you better CTR but it can not guarantee you more conversions. 

Its a huge price to show up on first position... at times if a click is costing you around rs. 80... you may end up paying over rs 180 for a click. In case when your budget is not getting consumed you may raise the bid to be on position 1 but surely its not advisable when your budget is getting consumed with moderate bid size. 

As far as conversions are concerned... there is a common behavior with shoppers... if they enter a particular market with 5 shops in a row... they would not take a decision with first shop itself however would like to check other shops as well in the row. And would end up their purchase with shops towards end as they have already tested other shops. The shoppers would go back to shop 1 or 2 only when they are offering something unique which they couldnt find with other shops in the row (the above user behavior has been tried & tested with Google Adwords as well). 

So first position Google Adwords bidding may not necessarily be a right decision for you!