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Question: 16 how prices allocate resources suppose that there are three...

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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 $445,000. The following table states each persons willingness and ability to purchase a parcel. Amy Carlos Deborah Paolo Sharon Van Willingness and Ability to Purchase (Dollars) 420,000 390,000 380,000 6DO,000 510,000 470,000 Which of these people will buy one of the three beachfront parcels? Check a that apply Amy Carlos Deborath Paolo Sharon Van 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 ofAmy Carlos Deborah Paolo Sharonn Van Willingness and Ability to Purchase (Dollars) 420,000 390,000 380,000 600,000 510,000 470,000 Which of these people wl buy one of the three beachfrant parcels? Check all that apply Amy Carlos Deborah Paolo Sharon 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 $432,500. This fourth parcel be sold, because will purchase it from the seller for at least the minimum price. Grade It Now Save & Continue Continue without saving

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