Question

The following table shows the supply and demand of apartments in a city. Monthly Rent Quantity...

The following table shows the supply and demand of apartments in a city.

Monthly Rent

Quantity Demanded

Quantity offered

300

130000

35000

350

115000

37000

400

100000

41000

450

80000

45000

500

72000

52000

550

60000

60000

600

55000

70000

650

48000

75000

a)      The balance income is _________________.

b)      The number of apartments in balance is __________________.

c)       If a rent of $ 400 is established, it would cause _______________of ____________ apartments.
               (Shortage or Excess)

d)      If a price is established, $ 600 would cause__________________ of ______________ apartments. (Shortage or Excess)

e)      If a rent of $ 350 is established, it would cause _______________of ____________ apartments. (Shortage or Excess)

f)        If a price is established, $ 650 would cause __________________ of ______________ apartments. (Shortage or Excess)

Homework Answers

Answer #1

When quantity demand=quantity offered then income is balance

a) The balance income is $550

b) The number of apartments in balance is 60000

c) If a rent of $400 is established, it would cause shortage of apartment ( as quantity demanded(100000)>quantity offered(4100))

d) If a price is established, $600 would cause excess of apartment ( As quantity offered(70000)>quantity demanded(55000))

e) If a ren of $350 is established, it would cause shortage of apartment ( As quantity demanded(11500)>quantity offered(37000))

f) If a price is established, $650 would cause an excess of the apartment ( As quantity offered (75000)>quantiyy demanded(48000)).

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