Explain probability, Suppose that the probability that a

Explain probability

Reference no: EM13175336

Suppose that the probability that a used bike is a lemon (low quality) is 'p' and the probability that a used bike is a plum (high quality) is '1-p'. If a buyer is willing to pay $H for a plum used bike and $L for a lemon used bike,

what is the buyer's willingness to pay for a used bike?

Reference no: EM13175336

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