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Value of a high quality car

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Reference no: EM131274520

You are in the market for a used car. Suppose that the value of a low quality used car is $5,000 and the value of a high quality car is $12,000. Suppose that you cannot distinguish with certainty the quality of the used car but you have 65% information based on the Carfax that the used car you were willing to buy is of high quality. How much are you willing to pay for the used car?

a. $5,000

b. $7750

c. $12,500

d. $9875

Reference no: EM131274520

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