Suppose that there are three plots of mountain resort land available for sale in Niseko 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 $570,000. The following table lists each potential buyer's willingness and ability to purchase a plot of land. Person Darnell Eleanor Jacques Kyoko Musashi Rina Which of these people will purchase one of the three mountain resort plots? Check all that apply. 00 000 Darnell Eleanor Willingness and Ability to Purchase (Dollars) 700,000 630,000 590,000 550,000 510,000 500,000 Jacques Kyoko Musashi Rina
Suppose that there are three plots of mountain resort land available for sale in Niseko 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 $570,000. The following table lists each potential buyer's willingness and ability to purchase a plot of land. Person Darnell Eleanor Jacques Kyoko Musashi Rina Which of these people will purchase one of the three mountain resort plots? Check all that apply. 00 000 Darnell Eleanor Willingness and Ability to Purchase (Dollars) 700,000 630,000 590,000 550,000 510,000 500,000 Jacques Kyoko Musashi Rina
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose that there are three plots of mountain resort land available for sale in Niseko 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 $570,000. The following table lists each
potential buyer's willingness and ability to purchase a plot of land.
Person
Darnell
Eleanor
Jacques
Kyoko
Musashi
Rina
Which of these people will purchase one of the three mountain resort plots? Check all that apply.
Darnell
Eleanor
Willingness and Ability to Purchase
(Dollars)
700,000
630,000
590,000
550,000
510,000
500,000
Jacques
Kyoko
Musashi
Rina
Transcribed Image Text: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 $560,000. This
fourth plot
be sold, because
will purchase it from the seller for at least the minimum price.
Expert Solution
Step 1
In a market, a seller and a buyer interact and make a transaction is they both are able to gain something from an exchange due to which if a good is sold in the market, a buyer will be the one whose minimum willingness to pay is more than or equal to the market price.
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