1. Suppose in the market for real estate, a uniform distribution of old houses from $80,000 to $150,000 exist. The seller of each house knows its value (and the "secrets" wrong with it), the value being v. There are also no full disclosure laws for what is wrong with each house. Buyers may not observe the value, but they can observe the distribution, and value each house 10% higher, 1.10 v. a. Given the distribution of houses from $80,000 to $150,000, what is the average value of a house on the market? What is the price a buyer is willing to pay? b. Given your answer in part a., what is the new distribution of houses for sale on the market? What is the average value of a house on the market? What is the price a buyer is willing to pay?

1. Suppose in the market for real estate, a uniform distribution of old houses from $80,000 to $150,000 exist. The seller of each house knows its value (and the "secrets" wrong with it), the value being v. There are also no full disclosure laws for what is wrong with each house. Buyers may not observe the value, but they can observe the distribution, and value each house 10% higher, 1.10 v. a. Given the distribution of houses from $80,000 to $150,000, what is the average value of a house on the market? What is the price a buyer is willing to pay? b. Given your answer in part a., what is the new distribution of houses for sale on the market? What is the average value of a house on the market? What is the price a buyer is willing to pay?

Name: 1. Suppose in the market for real estate, a uniform distribution of o
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Description: 1. Suppose in the market for real estate, a uniform distribution of old houses from $80,000 to $150,000exist. The seller of each house knows its value (and the "secrets" wrong with it), the value being Vv.There are also no full disclosure laws for w

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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