Explain the decisions facing the parties involved, Microeconomics

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Explain the decisions facing the parties involved

Problem

Discuss the "market for lemons" model. In your answer you have to: (1) clearly outline the full model, (2) define the variables and functions that you use and explain the decisions facing the parties involved, (3) derive and explain the results, (4) specifically: show that a market failure may occur, (5) show what determines whether a market failure occurs, (6) explain why it may occur.

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