Consider a used car market in which there are two types of cars: lemons (bad cars) and
peaches (good cars). The owner of the car knows its quality, but the buyer does not
know whether any given car is a peach or a lemon. The buyer only knows that the
fraction of lemons in the market is q , where 0 < q < 1 . For each lemon car, a seller
will accept $10,000 and a buyer will pay $12,000. For each peach car, a seller will
accept $18,000 and a buyer will pay $20,000.
Find the condition under which adverse selection would occur, i.e., none of peaches
gets sold. (10%)
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