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.

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.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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