Please answer the following questions and give the explanations.

1. Consider used-car market for the 2017 Citrus described in class. There is no a surge in demand for used Citruses; buyers would now be willing to pay up to $18,000 for an orange and $8,000 for a lemon. All else remains identical to the example in class. a. What price would buyers be willing to pay for a 2017 Citrus of unknown type if the fraction of oranges in the population, f, were 0.6. . Will there be a market for oranges if f=0.6? Explain. What price would buyers be willing to pay if f were 0.2? Will there be a market for oranges if f=0.2? Explain. 9993 What is the minimum value of f such that the market for oranges does not collapse? f. Explain why the increase in the buyers' willingness to pay changes the threshold value of f, where the market for oranges collapses