V3 16. How prices allocate resourcesSuppose 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 $570,000. The following table states each person'swillingness and ability to purchase a parcel.PersonAlexBeckyLarryMeganRaphaelSusanDDWhich of these people will buy one of the three beachfront parcels? Check all that apply.AlexBeckyLarryMeganRaphaelWillingness and Ability to Purchase(Dollars)Susan510,000500,000700,000630,000590,000550,000Assume 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 ofthose beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $560,000. This fourthparcelbe sold, becausewill purchase it from the seller for at least the minimum price.

Suppose that there ----------------‐------ price of each is $570,000. Willingness to buy must be…

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.

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.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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