16. How prices allocate resourcesSuppose 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 eachpotential buyer's willingness and ability to purchase a plot of land.PersonAnaKevinMariaRajivSimoneYakovAnaWhich of these people will purchase one of the three mountain resort plots? Check all that apply.KevinMariaRajivWillingness and Ability to Purchase(Dollars)380,000SimoneYakov600,000510,000470,000420,000390,000Now, assume that the three mountain plots have been sold to the people that you indicated in the previous section. Suppose that a few weeks afterthe 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. Thisfourth plotbe sold, because▼will purchase it from the seller for at least the minimum price.

In a market, a seller and a buyer interact and make a transaction is they both are able to gain…

Which of these people will purchase one of the three mountain resort plots? Check all that apply. Ana Kevin Maria Rajiv Simone O Yakov 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 will purchase it from the seller for at least the minimum price.

Which of these people will purchase one of the three mountain resort plots? Check all that apply. Ana Kevin Maria Rajiv Simone O Yakov 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 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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