Let q be the fraction of cars that are "peaches" and (1-q) be the fraction of cars that are "lemons." The most that a buyer will pay for a lemon is $1,500 and the most a buyer will pay for a peach is $2,500. The lowest price the owner of a peach will accept is $2,000 and the lowest price that the owner of a lemon will accept is $1,000. What is the highest percentage of cars for sale that can be lemons if any peaches are going to be offered for sale? Write your answer as an integer, without the % sign. For example, if the
Let q be the fraction of cars that are "peaches" and (1-q) be the fraction of cars that are "lemons." The most that a buyer will pay for a lemon is $1,500 and the most a buyer will pay for a peach is $2,500. The lowest price the owner of a peach will accept is $2,000 and the lowest price that the owner of a lemon will accept is $1,000. What is the highest percentage of cars for sale that can be lemons if any peaches are going to be offered for sale? Write your answer as an integer, without the % sign. For example, if the
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Let q be the fraction of cars that are "peaches" and (1-q) be the fraction of cars that are "lemons." The most that a buyer will pay for a lemon is $1,500 and the most a buyer
will pay for a peach is $2,500. The lowest price the owner of a peach will accept is $2,000 and the lowest price that the owner of a lemon will accept is $1,000. What is the
highest percentage of cars for sale that can be lemons if any peaches are going to be offered for sale? Write your answer as an integer, without the % sign. For example, if the
answer is 10%, write "10".
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