8) Chron024 hosts a marketplace for used watches. The site has 100 potential buyers of a used Rolex and 100 potential sellers. Buyers value a valid used Rolex at $2,000, and value knock-off used Rolexes at $500. There are 3 types of sellers: 20 of them are selling knock-off Rolexes and will sell at any price above $300, 40 of them are selling valid used Rolexes and will sell at any price above $1,300, and 40 of them are selling valid Rolexes and will sell at any price above $1,800. Buyers cannot differentiate between sellers of valid used Rolexes and sellers of knock offs. a) If all 100 potential sellers of watches put their watches up for sale, what price would the average buyer being willing to pay for a used Rolex? b) If potential sellers only offer their watches for sale if the price is above their value of the watch, then at what price will the market for used watches stabilize