Question

In: Economics

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

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. 

image.png


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

  • Antonio 

  • Caroline 

  • Dmitri 

  • Frances 

  • Shen 

  • 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 purchase it from the seller for at least the minimum price. 



Solutions

Expert Solution

People's whose willingness to pay is greater than $575000 will purchase the parcel.

People who will buy - Antonio, Shen and Valeria

Parcel WILL be sold because CAROLINE will purchase it.


Related Solutions

Assume that the three beachfront parcels are sold to the peoplethat you indicated in the...
16. 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 $575,000. The following table states each person's willingness and ability to purchase a parcel.            Willingness and Ability to Purchase                      (Dollars)   Alyssa ...
Suppose that there are three beachfront parcels of land available for sale in Huntington and six...
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 $595,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Alyssa 660,000 Brian 620,000 Crystal 570,000 Edison 540,000 Hilary 530,000 Tim 750,000 Which of these people will buy one...
16. How prices allocate resources Suppose that there are three beachfront parcels of land available for...
16. 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. Person Willingness and Ability to Purchase (Dollars) Alex 750,000 Becky 660,000 Clancy 620,000 Eileen 570,000 Hubert 540,000 Kate 530,000 Which...
Which of the following contain a coordinate covalent bond? Check all that apply. Check all that...
Which of the following contain a coordinate covalent bond? Check all that apply. Check all that apply. H3O+H3O+ H2OH2O BF−4
Which of the following is a true statement? (Check all that apply.)
Which of the following is a true statement? (Check all that apply.)A technological improvement isolated to one sector can indirectly result in more production in all other sectors.All points on the PPF are productively efficient.It is possible for a point to be allocatively efficient without being productively efficient.PPFs slope down for the same reason that the demand curve slopes down.
Which of the following homeostatic processes requires calcium? (Select all that apply.) Check All That Apply...
Which of the following homeostatic processes requires calcium? (Select all that apply.) Check All That Apply neural communication blood clotting bone repair and growthbone repair and growth production of gametesproduction of gametes muscle contraction
Part A Which of the following statements are true regarding transformers? Check all that apply. Check...
Part A Which of the following statements are true regarding transformers? Check all that apply. Check all that apply. In a transformer, if the primary coil contains more loops than the secondary coil, then it is a step-up transformer. A transformer converts mechanical energy into electrical energy. A transformer is used to increase or decrease a direct current voltage. A transformer is used to increase or decrease an alternating current voltage. In a transformer, if the secondary coil contains more...
Which of the following describe the σu* orbital in H2? (Check all that apply.) a. This...
Which of the following describe the σu* orbital in H2? (Check all that apply.) a. This orbital has a node coincident with the internuclear axis. b.This orbital is not symmetric with respect to inversion. c.This is an "anti-bonding" orbital.  This orbital has a node perpendicular to the internuclear axis. d. This is a "bonding" orbital.
Which of the following objects are chiral? Check all that apply: a wheelbarrow a mug with...
Which of the following objects are chiral? Check all that apply: a wheelbarrow a mug with MOM written to one side of the handle a mug with MOM written opposite the handle a remote control device a nail a screw a mug with BOB written opposite the handle a mug with BOB written to one side of the handle
Which of the following is an example of product differentiation? (Check all that apply.) A. Attractive...
Which of the following is an example of product differentiation? (Check all that apply.) A. Attractive packaging. B. Branding with established recognized name. C. Substantial economies of scale that serve as a barrier to small firm entry into the industry. D. Unique product options such as personalized color, style, and artwork.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT