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15. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Huntington 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 $595,000. The following table states each persons willingness and ability to purchase a parcel Amy Kenji Lucia Paolo Sharon Van Willingness and Ability to Purchase (Dollars) 530,000 750,000 660,000 620,000 570,000 540,000

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Answer #1

ANSWER:

KENJI , LUCIA , PABLO

WILL BE SOLD TO SHARON

DECREASED , DECREASED AS THE QUANTITY HAS DECREASED

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