How much the blue book value for the cars

Reference no: EM13182158

You are in the market for a used car. At a used car lot, you know 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 care only about the expected value of the car values are symmetrically distributed.

Reference no: EM13182158

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