For this problem, use the fact that the expected value of an event is a probability weighted average, the sum of each
Posted: Fri Jul 01, 2022 7:55 am
For this problem, use the fact that the expected value of anevent is a probability weighted average, the sum of each probableoutcome multiplied by the probability of the event occurring.You are in the market for a used car. At a used car lot, you knowthat the blue book value for the cars you are looking at is between$14,000 and $18,000. If you believe the dealer knows more aboutthe cars than you, how much are you willing to pay? Assume thatyou care only about the expected value of the car you buy and thatthe car values are symmetrically distributed. You are willing to pay $ enter your response here.(Round