1. Ricky Bobby walks into a used car lot interested in purchasing an El Camino.

After finding one he likes, he determines the value he places on the car at $5,000.

The used car dealership initially purchased the El Camino for $3,000 and believes, if not sold to Ricky, the car could be sold soon for $4,000 but no more.

What is the opportunity cost of selling the El Camino to Ricky Bobby? Will the two likely strike a deal? What do you know about the price that will be struck

(give a price or range of prices)?