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ECON 313 - buy a used ipod. I value good condition ipods at $50 each

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Subject: General Questions
Due on: 08/10/2018
Posted On: 08/10/2018 02:45 PM

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I want to buy a used ipod. I value good condition ipods at $50 each and bad condition ipods at $5 each. 50% of all used ipods are good and the other 50% are bad. I am a risk neutral consumer.


The people selling the used ipods value the good ones at $30 each and the bad ones at $0 each. The people selling the ipods are also risk neutral.


Neither of us know if an ipod is good or bad. How much should I offer for an ipod, as a buyer? How much would a seller want for an ipod?

Tags condition ipods good value used ipod econ ipods good ipod used people ones want selling neutral condition value risk seller buyer know consumer offer

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ECON 313 - buy a used ipod. I value good condition ipods at $50 each

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Posted On: 08/10/2018 02:50 PM
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