Problem: On a used car market, there are 50 sellers (each with one car to sell) and many more buyers who compete to purchase of these cars. Half of the cars are high quality and half of them are low quality. Buyers value high quality cars at $25k and low quality cars at $5k, but cannot differentiate high quality cars from the low quality ones. sellers, on the other hand, know which type of car they own and they are willing to sell a high quality cars for as low as $17k and a low quality car for as low as $3k.question: what is the loss of efficiency on the market, due to the missing information on the buyer's side? You need to compare the market outcome under asymmetric information, calculate total market surplus, and find the loss in total surplus. Show your work and all the steps you took to arrive at the answer.