18. How prices allocate resources Suppose that there are three plots of mountain resort land available for sale in Park City and six potential buyers, each interested in purchasing one plot. Assume that all of the plots are basically indistinguishable and that the minimum selling price of each is $595,000. The following table lists each potential buyer's willingness and ability to purchase a plot of land. Person Andrew Beth Lorenzo Neha Sam Teresa Which of these people will purchase one of the three mountain resort plots? Check all that apply. Andrew Willingness and Ability to Purchase (Dollars) 540,000 530,000 750,000 660,000 620,000 570,000 Beth Lorenzo

18. How prices allocate resources Suppose that there are three plots of mountain resort land available for sale in Park City and six potential buyers, each interested in purchasing one plot. Assume that all of the plots are basically indistinguishable and that the minimum selling price of each is $595,000. The following table lists each potential buyer's willingness and ability to purchase a plot of land. Person Andrew Beth Lorenzo Neha Sam Teresa Which of these people will purchase one of the three mountain resort plots? Check all that apply. Andrew Willingness and Ability to Purchase (Dollars) 540,000 530,000 750,000 660,000 620,000 570,000 Beth Lorenzo

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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