You would like to buy a used car. suppose there are three types of quality (a): low (a = 0), medium (a = 1) and high (a = 3), each equally likely (i. e. each with probability 1 3 ). only the seller knows the exact quality of his/her car. also suppose that for any quality of the car, your utility is 1.6 times the seller’s utility, that is, for a car of quality a, the seller’s utility from it is a, but your utility from it is 1.6ai) the market price for a used car is p. for what values of p, all three types of sellers want to sell? for what values of p, exactly two types want to sell? for what values of p, only one type wants to sell?

a

explanation:

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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