You are in the market for a used car. At a used car lot, you know the blue book value for the type of cars you are looking at, ranging from $40k to $70k. If you believe the dealer knows as much about the cars as you do, what will you pay in $s, assuming the car values are symmetrically distributed?
Flag question: Question 2
Question 22 pts
Referring to the information from the prior question:
Now, you believe the dealer knows more about the cars than you do. What price will you ultimately be willing to pay for the car? Please answer in dollars.