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)

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

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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