137k views
3 votes
ECONOMICS, PLEASE HELP.

Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below.

ECONOMICS, PLEASE HELP. Suppose that the demand and supply schedules for rental apartments-example-1
ECONOMICS, PLEASE HELP. Suppose that the demand and supply schedules for rental apartments-example-1
ECONOMICS, PLEASE HELP. Suppose that the demand and supply schedules for rental apartments-example-2

1 Answer

1 vote

Equilibrium is the point where supply meets demand. Look at the table and see where those two columns are the same.

For B. look at the chart and see at 1,50 rent (the first column) the demand is greater than supply or not. If demand is less than supply, there is a surplus. If demand is higher, there is a shortage.

This applies to question C as well. Look at the first column, find the rent, and see if there is more supply or more demand.


User Technik
by
4.3k points