Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $250,000. How large will the resulting surplus be? At a price of $250,000, there will be surplus houses. (Enter your response as a whole number.) What is the equilibrium price of houses? The equilibrium price is $. (Enter your response as a whole number.) Price ($1000s) 300- 275- 250- 225- 200 175- 150 8125- 100- 75- 50- 25- 0+ 0 200 400 800 Quantity (houses) 600 Supply Demand 1000 1200 Q Q

Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $250,000. How large will the resulting surplus be? At a price of $250,000, there will be surplus houses. (Enter your response as a whole number.) What is the equilibrium price of houses? The equilibrium price is $. (Enter your response as a whole number.) Price ($1000s) 300- 275- 250- 225- 200 175- 150 8125- 100- 75- 50- 25- 0+ 0 200 400 800 Quantity (houses) 600 Supply Demand 1000 1200 Q Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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