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3. John advertises his used car for $5,000 in the newspaper. He would be willing to sell his car for as little as $4,000. Bill

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3. John advertises his used car for $5,000 in the newspaper. He would be willing to sell his car for as little as $4,000. Bill values the car at $4,800 but offers $4,500 for it and John accepts. How much producer surplus is created by this trade? How much consumer surplus s created by this trade? Who won in this trade

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