If you are willing to pay $5,000 for a used car that is a cherry and $1,000
Question:
If you are willing to pay $5,000 for a used car that is a
“cherry” and $1,000 for a used car that is a “lemon,” how much will you be willing to offer to purchase a car if there is a 50 percent chance that the car is a lemon? If owners of cherry cars want $4,000 for their cherries, how will your estimate of the chance of getting a cherry change?
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