11. Suppose there are 1,001 sellers with used cars that they value at (i.e., their willingness to...
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11. Suppose there are 1,001 sellers with used cars that they value at (i.e., their willingness to accept is) $0, $100, $200, $300, . . . , $9,900, $10,000. There are many buyers who place a higher value on each car than the current owners: $1,000 higher, to be exact. For example, a car worth $3,700 to a seller would be worth $4,700 to a buyer. Find an equilibrium price. In other words, find a price at which it makes sense for buyers to buy, given what they know about the sellers.
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