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 $445,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Alyssa 510,000 Brian 470,000 Crystal 420,000 Edison 390,000 Hilary 380,000 Tim 600,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Alyssa O Brian O Crystal O Edison O Hilary O Tim 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 $432,500. This fourth parcel v be sold, because v 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 $445,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Alyssa 510,000 Brian 470,000 Crystal 420,000 Edison 390,000 Hilary 380,000 Tim 600,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Alyssa O Brian O Crystal O Edison O Hilary O Tim 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 $432,500. This fourth parcel v be sold, because v will purchase it from the seller for at least the minimum price.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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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 $445,000. The following table states each person's
willingness and ability to purchase a parcel.
Willingness and Ability to Purchase
Person
(Dollars)
Alyssa
510,000
Brian
470,000
Crystal
420,000
Edison
390,000
Hilary
380,000
Tim
600,000
Which of these people will buy one of the three beachfront parcels? Check all that apply.
O Alyssa
O Brian
O Crystal
O Edison
O Hilary
O Tim
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 $432,500. This fourth
parcel
v be sold, because
v will purchase it from the seller for at least the minimum price.

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