Economics: Principles, Problems, and Policies, 19th Edition

by McConnell, Campbell R.; Brue, Stanley L.; Flynn, Sean M.

Published by McGraw-Hill Education

ISBN 10: 0073511447

ISBN 13: 978-0-07351-144-3

Chapter 17 - Asymmetric Information, Voting, and Public Choice - Problems - Page 372: 1a

Answer

$9,000

Work Step by Step

Because there are an equal number of good and bad used cars, we can simply find the average between the price of a good used car and a bad used car to find the average price of a used car. So, $\frac{{$5,000} + {$13,000}}{2}$ = $9,000

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