Question: Show work please Chapter 7 1 You are in the market for a used car. At a used car lot, you known that the blue

Show work please

Chapter 7 1 You are in the market for a used car. At a used car lot, you known that the blue book value for the cars you are looking at is between $20,000 and $24,000. If you believe the dealer knows as much about the car as you how much are you willing to pay? Why? Assume that you only care about the expected value of the car you buy and that the car values are symmetrically distributed 2. Now, you believe the dealer knows more about the cars than you How much are you willing to pay? Why? How can this be resolved in a competitive market

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