for sale in Asilomar and six people who would each like to purch me that the parcels are essentially identical and that the minimum selling price of each is $570,000. The following table state aness and ability to purchase a parcel. Person Alex Becky Larry Megan Raphael Susan Willingness and Ability to Purchase (Dollars) 510,000 500,000 Alex Becky Larry 700,000 630,000 590,000 550,000 of these people will buy one of the three beachfront parcels? Check all that apply.
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- 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 Lorenzo16. 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 Ana 530,000 Kevin 750,000 Maria 660,000 Rajiv 620,000 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 parcel - be sold, because will purchase it from the…Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?
- Brewed coffee is one of the most popular drinks in the world and a big market in Singapore. In recentyears Singaporean consumers have become concerned that coffee farmers often receive very lowprices by large coffee companies buying their beans and selling them in international markets. Forthis reason, fair trade coffee has reached supermarket shelves and coffee shops. Because producingfair trade coffee includes providing extra income for the farmers, this product is more costly to makethan other coffee types of comparable quality. Using the demand-supply model, analyse this changein consumer preferences. Examine the likely consequences in one or two markets of your choice. Limits 500 words16. How prices allocate resources Suppose that there are three plots of mountain resort land available for sale in Stowe 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 $445,000. The following table lists each potential buyer's willingness and ability to purchase a plot of land. Person Ana Kevin Maria Rajiv Simone Yakov Ana Which of these people will purchase one of the three mountain resort plots? Check all that apply. Kevin Maria Rajiv Willingness and Ability to Purchase (Dollars) 380,000 Simone Yakov 600,000 510,000 470,000 420,000 390,000 Now, assume that the three mountain plots have been sold to the people that you indicated in the previous section. Suppose that a few weeks after the last of those mountain plots is sold, another basically identical mountain plot goes on the market for sale at a minimum price of $432,500. This fourth plot be sold, because…Meghan and Jackson are both gardeners producing carrots and tomatoes. The table below compares their production possibilities schedules. Production Possibilities Schedules Meghan Carrots 10 5 0 Multiple Choice O Tomotoes 0 10 20 O If both producers decided to specialize and trade with each other, the terms of trade that would benefit both Meghan and Jackson (1 carrot = x tomatoes) would be between Carrots 24 12 0 1.25 and 2.5 tomatoes per carrot. 2 and 5 tomatoes per carrot. O2 2 and 2.5 tomatoes per carrot. Jackson 0.4 and 0.5 tomatoes per carrot. Tomatoes 0 30 60
- Antonio and Caroline are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Antonio 40 8 Caroline 28 7 ___________has an absolute advantage in the production of alfalfa, and __________ has an absolute advantage in the production of barley. Antonio's opportunity cost of producing 1 bushel of barley is ____ bushels of alfalfa, whereas Caroline's opportunity cost of producing 1 bushel of barley is______ bushels of alfalfa. Because Antonio has a ______ opportunity cost of producing barley than Caroline,________ has a comparative advantage in the production of barley and_______ has a comparative advantage in the production of alfalfa.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 680,00018. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Huntington 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 $570,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Antonio 590,000 Caroline 550,000 Dmitri 510,000 Frances 500,000 Shen 700,000 Valerie 630,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Antonio O Caroline O Dmitri O Frances O Shen O valerie 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 $560,000. This fourth parcel be sold, because will…
- What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?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 $575,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Antonio 600,000 Caroline 550,000 Dmitri 520,000 Frances 510,000 Shen 750,000 Valerie 660,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. Antonio O Caroline O Dmitri Frances O Shen O valerie 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…Assume that you are in the business of building houses in United Kingdom. You have analyzedthe market carefully, and you know that at a price of £120,000, you will sell 800 houses peryear. In addition, you know that at any price above £120,000, no one will buy your housesbecause the government provides equal-quality houses to anyone who wants one at £120,000.You also know that for every £20,000 you lower your price, you will be able to sell an additional200 units. For example, at a price of £100,000, you can sell 1,000 houses; at a price of £80,000,you can sell 1,200 houses; and so on.a. Sketch the demand curve that your firm faces.b. Sketch the effective marginal revenue curve that your firm faces.c. If the marginal cost of building a house is £100,000, how many will you build and whatprice will you charge? What if MC = £85,000?