Question

Assume that the apartments market in the United Arab Emirates (UAE) is in equilibrium. Use suitable graphs indicate what will be the change in equilibrium price and quantity in response to the following determinants. You are expected to draw three different graphs.

a. The number of residents decrease.

b. The uncertain business climate of 2020(oil price crisis and COVID-19) decrease the consumer income.

c. The government announces a rent ceiling which is above the equilibrium rent.

Answer 1