18. 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 $575,000. The following table states each person's willingness and ability to purchase a parcel. Person Alex Becky Clancy Eileen Raphael Susan Which of these people will buy one of the three beachfront parcels? Check all that apply. Alex Becky Clancy Eileen Willingness and Ability to Purchase (Dollars) 600,000 550,000 520,000 510,000 750,000 660,000 Raphael Susan 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.

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18. 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 $575,000. The following table states each person's
willingness and ability to purchase a parcel.
Person
Alex
Becky
Clancy
Eileen
Raphael
Susan
Which of these people will buy one of the three beachfront parcels? Check all that apply.
Alex
Becky
Clancy
Eileen
Willingness and Ability to Purchase
(Dollars)
600,000
550,000
520,000
510,000
750,000
660,000
Raphael
Susan
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.
Transcribed Image Text:18. 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 $575,000. The following table states each person's willingness and ability to purchase a parcel. Person Alex Becky Clancy Eileen Raphael Susan Which of these people will buy one of the three beachfront parcels? Check all that apply. Alex Becky Clancy Eileen Willingness and Ability to Purchase (Dollars) 600,000 550,000 520,000 510,000 750,000 660,000 Raphael Susan 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.
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