How would I go about solving this problem? look at the image. ### Analyzing the Rental Market for ApartmentsConsider the rental market for apartments depicted below.**Suppose excess supply at $ P_3 $ is 39 units.****Question: What is $ P_1 $?**#### Graph DescriptionThe graph titled "Rental Market" shows the relationship between Price (P) and Quantity (Q) in the rental market for apartments. It has the following key components:- **Axes**: - Vertical axis represents the rental price (P). - Horizontal axis represents the quantity of apartments (Q). - **Curves**: - **Demand Curve ($D_1$)**: A downward-sloping blue line indicating that as the price decreases, the quantity demanded increases. - **Supply Curve ($S_1$)**: An upward-sloping red line indicating that as the price increases, the quantity supplied increases. - **Price Levels**: - Three specific price levels are indicated: $P_3$, $P_1$, and $P_2$. - **Quantities**: - Corresponding quantities $Q_1$, $Q_2$, and $Q_3$ are marked along the horizontal axis at intersections of demand and supply curves at specific prices.#### Data Tables1. **Quantity Demanded:** | Price | Dwight | Ronald | George | Warren | Calvin | Theodore | Market Demand | |-------|--------|--------|--------|--------|--------|----------|----------------| | 55 | 0 | 0 | 1 | 2 | 3 | 0 | 6 | | 50 | 1 | 2 | 3 | 4 | 4 | 12 | 26 | | 45 | 2 | 3 | 5 | 6 | 5 | 14 | 35 | | 40 | 3 | 3 | 5 | 6 | 6 | 16 | 40 | | 30 | 2 | 3 | 5 | 8 | 7 | 18 | 45 | | 25 | 4 |

At P3 there is an excess supply as the quantity supplied at this price point exceeds the quantity…

Consider the rental market for apartments depicted below. Suppose excess supply at P3 is 39 units. What is P1 ? Rental Market Market P Quantity Demanded Demand Dwight Price 55 George 1 Ronald Warren Calvin Theodore 3 50 4. 12 26 35 40 45 2 2 5 14 40 3 5 8. 16 30 18 45 52 10 25 4 6 12 20 P3 20 3 4 6. 14 22 24 26 28 58 15 3 7 15 10 68 10 7 9 16 11 12 73 79 5 4 10 17 Market Quantity Supplied Supply P2 Bill 12 Price 55 50 45 Barrack Lyndon 17 Robert Harry 8. Jimmy 28 10 4 79 26 24 22 16 15 11 16 4 80 10 9 15 3 74 40 14 14 4 66 30 17 2. 45 4 25 17 6 3 3 40 20 16 6 8 8. 2 43 Qi 15 13 5 35 6 3 10 12 4 4 2 1 27 3 2 2

Consider the rental market for apartments depicted below. Suppose excess supply at P3 is 39 units. What is P1 ? Rental Market Market P Quantity Demanded Demand Dwight Price 55 George 1 Ronald Warren Calvin Theodore 3 50 4. 12 26 35 40 45 2 2 5 14 40 3 5 8. 16 30 18 45 52 10 25 4 6 12 20 P3 20 3 4 6. 14 22 24 26 28 58 15 3 7 15 10 68 10 7 9 16 11 12 73 79 5 4 10 17 Market Quantity Supplied Supply P2 Bill 12 Price 55 50 45 Barrack Lyndon 17 Robert Harry 8. Jimmy 28 10 4 79 26 24 22 16 15 11 16 4 80 10 9 15 3 74 40 14 14 4 66 30 17 2. 45 4 25 17 6 3 3 40 20 16 6 8 8. 2 43 Qi 15 13 5 35 6 3 10 12 4 4 2 1 27 3 2 2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

How would I go about solving this problem? look at the image.

### Analyzing the Rental Market for Apartments

Consider the rental market for apartments depicted below.

**Suppose excess supply at $ P_3 $ is 39 units.**

**Question: What is $ P_1 $?**

#### Graph Description

The graph titled "Rental Market" shows the relationship between Price (P) and Quantity (Q) in the rental market for apartments. It has the following key components:
- **Axes**:
- Vertical axis represents the rental price (P).
- Horizontal axis represents the quantity of apartments (Q).

- **Curves**:
- **Demand Curve ($D_1$)**: A downward-sloping blue line indicating that as the price decreases, the quantity demanded increases.
- **Supply Curve ($S_1$)**: An upward-sloping red line indicating that as the price increases, the quantity supplied increases.

- **Price Levels**:
- Three specific price levels are indicated: $P_3$, $P_1$, and $P_2$.

- **Quantities**:
- Corresponding quantities $Q_1$, $Q_2$, and $Q_3$ are marked along the horizontal axis at intersections of demand and supply curves at specific prices.

#### Data Tables

1. **Quantity Demanded:**
| Price | Dwight | Ronald | George | Warren | Calvin | Theodore | Market Demand |
|-------|--------|--------|--------|--------|--------|----------|----------------|
| 55 | 0 | 0 | 1 | 2 | 3 | 0 | 6 |
| 50 | 1 | 2 | 3 | 4 | 4 | 12 | 26 |
| 45 | 2 | 3 | 5 | 6 | 5 | 14 | 35 |
| 40 | 3 | 3 | 5 | 6 | 6 | 16 | 40 |
| 30 | 2 | 3 | 5 | 8 | 7 | 18 | 45 |
| 25 | 4 |

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