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. Willingness and Ability to Purchase(Dollars)Alyssa720,000Brian690,000Crystal680,000Nick900,000Rosa810,000Tim770,000 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 because_____________ will purchase it from the seller for that price.

Here, price of three beachfront parcels of land is given at the price of $745,000, and willingness…

Answered: Suppose that there are three beachfront…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.

	Willingness and Ability to Purchase
(Dollars)
Alyssa	720,000
Brian	690,000
Crystal	680,000
Nick	900,000
Rosa	810,000
Tim	770,000

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 because_____________ will purchase it from the seller for that price.

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