Consider a market with good and had used cars. A good car is worth $15000 to a seller and $20000 to a buyer. A bad car is worth $5000 to a seller and $12000 to a buyer. There is a xed supply of cars and an innite number of buyers competing against one another to purchase a car driving the price of used cars to the buyers' highest willingness to pay. The seller of a car knows whether it is of good or bad quality but buyers do not have this information. 3) Determine the price buyers are willing to pay for a used car if they know the proportion of good cars is V2. 4) Determine the price buyers are willing to pay for a used car if they know the proportion of good cars is 1/3. 5) Determine the minimum proportion of good cars such that the market for good used cars does not collapse leaving only bad cars in the market