Please give a detailed solution with an explanation.For the 2 blank answers here are the options:Blank Answer #1:will or will notBlank Answer #2:no one or Valerie or Poornima or Shen 10. How prices allocate resourcesSuppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel.Assume that the parcels are essentially identical and that the minimum selling price of each is $400,000. The following table states each person'swillingness and ability to purchase a parcel.Willingness and Ability to PurchasePerson(Dollars)Hubert550,000Kate480,000Manuel420,000Poornima380,000Shen340,000Valerie330,000 Which of these people will buy one of the three beachfront parcels? Check all that apply.O HubertO KateO ManuelO PoornimaO ShenO valerieAssume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last ofthose beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $360,000. This fourthbe sold, becausewill purchase it from the seller for at least the minimum price.parcel

Person's Ability to buy shows maximum amount that he can spent on any good or service. A person…

10. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $400,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Person Hubert 550,000 Kate 480,000 Manuel 420,000 Poornima 380,000 Shen 340,000 Valerie 330,000

10. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $400,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Person Hubert 550,000 Kate 480,000 Manuel 420,000 Poornima 380,000 Shen 340,000 Valerie 330,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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