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)

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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