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 $745,000. The following table states each person's willingness and ability to purchase a parcel.PersonWillingness and Ability to Purchase(Dollars)Charles900,000Dina810,000Gilberto770,000Juanita720,000Lorenzo690,000Neha680,000 Which of these people will buy one of the three beachfront parcels? Check all that apply.Charles Dina Gilberto Juanita Lorenzo Neha 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 $732,500. This fourth parcel be sold, because will purchase it from the seller for at least the minimum price.

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Answered: Suppose that there are three beachfront…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 $745,000. The following table states each person's willingness and ability to purchase a parcel.

Person	Willingness and Ability to Purchase
(Dollars)
Charles	900,000
Dina	810,000
Gilberto	770,000
Juanita	720,000
Lorenzo	690,000
Neha	680,000

Which of these people will buy one of the three beachfront parcels? Check all that apply.

Charles

Dina

Gilberto

Juanita

Lorenzo

Neha

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 $732,500. This fourth parcel be sold, because will purchase it from the seller for at least the minimum price.

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