Business, 20.06.2020 15:57 anthonybowie99
Consider a second hand car market where three types of cars are being sold: High quality (H), medium quality (M) and low quality (L). Sellers value an H at $2000, an M at $1200 and an L at $800, whereas buyers value an H at $1800, an M at $1600 and an L at $1400. As discussed in the āAkerloļ¬ās Lemons Marketā, sellers are able to distinguish between diļ¬erent quality cars but buyers are not and a buyer believes that in this market 40% of the cars is an H, 30% of the cars is an M and 30% of the cars is an L.
a) Determine which type of cars will be sold at the eļ¬cient allocation.
b) Determine which type of cars will be sold at the market equilibrium.
Answers: 2
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Consider a second hand car market where three types of cars are being sold: High quality (H), medium...
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