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April 17, 2014

Homework Help: economics

Posted by nan on Thursday, February 9, 2012 at 1:45pm.

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 $600,000. The table below reflects the willingness and ability of each of the six people to purchase a parcel.

Dakota $900,000
Mark $800,000
Lucy $700,000
Axelle $500,000
Kirby $370,000
Briana $300,000
Which of these people will buy one of the three beachfront parcels? Check all that apply.

__ Briana
__ Dakota
__ Kirby
__ Axelle
__ Mark
__ Lucy

Assume that the three beachfront parcels are sold to the people that you indicated above. 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 $525,000. This fourth parcel _______ be sold, as ________ will purchase it from the seller for at least the minimum price.

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