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 $400,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Bob 420,000 Cho 380,000 Eric 340,000 Ginny 330,000 Sean 550,000 Yvette 480,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Bob O Cho O Eric O Ginny O Sean O Yvette 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 $360,000. This fourth parcel be sold, because v will purchase it from the seller for at least the minimum price.

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 $400,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Bob 420,000 Cho 380,000 Eric 340,000 Ginny 330,000 Sean 550,000 Yvette 480,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Bob O Cho O Eric O Ginny O Sean O Yvette 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 $360,000. This fourth parcel be sold, because v will purchase it from the seller for at least the minimum price.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.9P

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