The Market for Used Sea Kayaks Has Both a High-Quality

question 96

Essay

The market for used sea kayaks has both a high-quality and low-quality variety. High-quality kayaks are valued at $3,000 and low-quality ones at $800. Supply of used high-quality kayaks is Q_H = 0.5P_H - 1,000, and the supply of used low-quality kayaks is Q_L = P_L - 500. Potential buyers cannot distinguish between a high-quality and a low-quality used kayak. Buyers believe that only 3 of 10 used kayaks are high-quality. What are buyers willing to pay and how many used sea kayaks will be sold?

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Definitions:

Conj

A shortened form for "Conjunction," indicating a grammatical or logical connector that joins two or more elements in discourse.

Simp

A slang term often used to describe someone who is overly subservient to someone else, typically in a way that is self-deprecating or in pursuit of their affection, sometimes without receiving anything in return.

Add

In mathematics, it refers to the operation of combining two or more quantities to achieve a sum.

Conj

Conj, short for conjunction, refers to the logical operator that connects two propositions, statements, or terms, where the compound statement is true if both components are true.