Assume the figure to the right illustrates the market for houses for sale in a small city. 300 Suppose the market price of houses is $225,000. How large will the resulting surplus be? Supply 275 250- At a price of $225,000, there will be surplus houses. (Enter your response as a whole number.) 225 200- What is the equilibrium price of houses? 175- The equilibrium price is $. (Enter your response as a whole number.) e 150- 125- 100- 75- 50- 25- Demand Price ($1000s)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Assume the figure to the right illustrates the market for houses for sale in a small
city.
Suppose the market price of houses is $225,000. How large will the resulting
surplus be?
300
Supply
275
250-
At a price of $225,000, there will be surplus houses. (Enter your response as
a whole number.)
225
200-
What is the equilibrium price of houses?
175-
The equilibrium price is $. (Enter your response as a whole number.)
A 150-
125-
100-
75-
50-
25-
Demand
0-
200
400
600
Quantity (houses)
800
1000
1200
Price ($1 000s)
Transcribed Image Text:Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $225,000. How large will the resulting surplus be? 300 Supply 275 250- At a price of $225,000, there will be surplus houses. (Enter your response as a whole number.) 225 200- What is the equilibrium price of houses? 175- The equilibrium price is $. (Enter your response as a whole number.) A 150- 125- 100- 75- 50- 25- Demand 0- 200 400 600 Quantity (houses) 800 1000 1200 Price ($1 000s)
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