4. In any given year in Saskatoon, 1000 used cars are available for sale. Half of thet cars are lemons; the owners will sell them if they can get at least $100. The remaining cars are plums; sellers will sell them is they can get at least $1000. Potential buyers are willing to pay up to $120 for a lemon and up to $1200 for a plum. Sellers are fully informed about the quality of their vehicles. Buyers are unable to distinguish between a plum or a lemon; in the absence of additional information, they are willing to pay up to the expected value of the cars on the market. Use this information to answer the following questions: (a) With the market as described, which types of cars will be in the market? What price range will used cars sell for? Carefully justify your answer. (5 marks) (b) Honest Ellie, a mechanic, offers a vehicle check service. For $300, she will examine a car and correctly grade it as either a plum or a lemon. Honest Ellie will always truthfully report the quality of a car and all buyers trust her assessments. If sellers can have their cars assessed, which, if any, sellers will employ Ellie's services? What will the market for used cars look like? Which cars will sell, and for how much? Explain