Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Chapter 8, Problem 2RQ
To determine
Neoclassical and Behavioral economics.
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1. Alizeh and Kelly were traveling together and have gotten stranded at an airport overnight.
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them. They currently each have several granola bars and a few sandwiches. Alizeh announces
that she'd be willing to give up a granola bar for one turkey sandwich. Kelly responds that
turkey sandwiches are bigger than granola bars so she would be willing to give up a granola
bar if she could get half a turkey sandwich. Is Kelly and Alizeh's current allocation of granola
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4-
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 selling price of each is $745,000. The following table states each person's willingness and ability to purchase a parcel.
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Alyssa
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Brian
690,000
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Nick
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Rosa
810,000
Tim
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Which of these people will buy one of the three beachfront parcels? Check all that apply.
Alyssa
Brian
Crystal
Nick
Rosa
Tim
Assume that the three beachfront parcels are sold to the people 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 price of $732,500. This fourth parcel _____________be sold…
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