16. 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 $595,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Person 530,000 Ana Kevin 750,000 Maria 660,000 620,000 Rajiv Simone 570,000 Yakov 540,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Ana O Kevin O Maria O Rajiv O Simone O Yakov 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 $582,500. This fourth - will purchase it from the seller for at least the minimum price. parcel v be sold, because O O O

16. 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 $595,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Person 530,000 Ana Kevin 750,000 Maria 660,000 620,000 Rajiv Simone 570,000 Yakov 540,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Ana O Kevin O Maria O Rajiv O Simone O Yakov 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 $582,500. This fourth - will purchase it from the seller for at least the minimum price. parcel v be sold, because O O O

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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Alda is willing to pay $2,000 to visit her favoritecousin over spring break. A month ago, she bookeda trip costing $1,200. Spring break has arrived, butAlda needs one day to finish an important paperbefore she goes. Alda could cancel her trip and geta refund of $800. Or, she could pay an additional$1,000 (on top of the $1,200 she already paid) torebook the trip for two days later. Explain whatAlda should do.
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4. Kay lives in a city where housing costs $1 per square foot. They have a monthly budget of$1,000, of which they decide to allocate $500 to rent a 500 sqft. apartment and spend teother $500 on consumption. A generous relative offers Kay a deal on a 400 sqft. apartmentfor only $200 per month, which they accept. What is the equivalent variation of this transferfor Kay, in dollars per month? (Select one)(a) More than $300: Kay gets utility from both consumption and the new apartment.(b) $300: That is how much more Kay can consume with the new cost of rent.(c) $250: That is how much less Kay’s old bundle would have cost at the new prices.(d) Between $0 and $250: Kay would substitute away from her old bundle at the new prices.(e) $200: That is the additional cost of Kay’s new bundle at the old prices.(f) Between $0 and $200: Kay may prefer to substitute away from her new bundle at theold prices.(g) $100: That is the differential cost of the new apartment at the old prices.(h) $0: The new…
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 $745,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Brian 900,000 Crystal 810,000 Edison 770,000 Hilary 720,000 Kevin 690,000 Maria 680,000
Saved to this PC V ut References A A Aa x² A a. b. C. O Search (Alt+Q) Mailings Review View Help Du A A EEE ΕΞ ΑΙ ¶ ↓ E- Paragraph LO Value of first donut Value of second donut Value of third donut Value of fourth donut Value of fifth donut Value of sixth donut S Normal Problem 1 Tammy loves donuts. The table shown reflects the value Tammy places on each donut she eats: $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 If the price of donuts is $0.20, how-many donuts will Tammy buy? Why? Body Text How much consumer surplus would she have at a price of $0.20? Styles m If the price of donuts rose to $0.40, how many donuts would she purchase now? What would happen to Tammy's consumer surplus?
Columns 1 through 3 in the table below show the marginal utility which a particular consumer would get by purchasing various quantities of products A, B, and C. (1) Unit 1 2 696 AWN 3 4 5 7 (2) Marginal utility, A 18 16 14 12 10 8 6 (3) Marginal utility, B 39 36 33 30 27 24 21 (4) Marginal utility, C 12 10 053 If the prices of A, B, and C are $2, $3, and $1, respectively, and the consumer has $26 to spend on these three products, what combination of the three products should be purchased in order to maximize utility?
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ADDED DISCUSSION WITH QUESTIONS TOPIC: MARGINAL UTILITY 5 6 7 No. of Pieces Total Utility (Q) 1 2 3 4 (TU) 150 225 250 220 8 9 10 11 Marginal Utility is calculated using the formula given below 12 Marginal Utility (TU-TU)/(Q-Q) 13 14 D For 1 Piece For 2 Piece For 3d Piece (86-0)/(A6-0) -(87-86)/(A7-A6) 150 75 (88-87)/(AS-A7) 25 Marginal 15 Utility Formula 16 Marginal Utility 17 For 1st Piece of the Cake Marginal Utility1 = (150-0)/(1-0) Marginal Utility1 = 150 For 4th Piece (89-88)/(AS-AS) -30 For 2nd Piece of the Cake Marginal Utility2=(225-150)/(2-1) Marginal Utility2 = 75 For 3rd Piece of the Cake Marginal Utility3 = (250-225)/(3-2) Marginal Utility3 = 25 For 4th Piece of the Cake Marginal Utility4 = (220-250) / (4-3) Marginal Utility4 = -30 Therefore, here we can see how the marginal utility of a piece of cake declines after the consumption of the previous one. Here, the highest utility is reached at the consumption of the 3rd piece, beyond whichthe total declined. This is a…
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5 What is the unit price of a 32-ounce box of brown sugar that costs $38.4? Multiple Choice $76 800 per pound $38.40 per pound $1.20 per pound $19.20 per ounce $120 per ounce