Suppose a seller has a used car to sell with a quality x , where x is uniformly distributed between 0 and 1 0 . The seller's utility from keeping the car is 3 x , and his utility from selling the car at a price p is p . There are multiple identical buyers. If a buyer buys a car with quality x at a price p , the buyer's utility is 4 x 5 - p . If a buyer does not buy the car, his utility is 0 . Suppose that a car is traded at price p . What can you say about the car's quality? Hint: Your answer should consider the seller's utility function. Based on your answer, what is the maximum price a buyer is willing to pay? Based on your answers, what is the equilibrium price? What kind of cars are being traded? How would your answers change if the seller also does not know the quality of the car