16. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Astoria 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 $575,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Antonio 600,000 Caroline 550,000 Dmitri 520,000 Frances 510,000 Shen 750,000 Valerie 660,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. Antonio Caroline O Dmitri O Frances O Shen O valerie Assume 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 of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $535,000. This fourth parcel be sold, because will purchase it from the seller for at least the minimum price. O O

16. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Astoria 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 $575,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Antonio 600,000 Caroline 550,000 Dmitri 520,000 Frances 510,000 Shen 750,000 Valerie 660,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. Antonio Caroline O Dmitri O Frances O Shen O valerie Assume 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 of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $535,000. This fourth parcel be sold, because will purchase it from the seller for at least the minimum price. O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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