Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
How would I go about solving this problem?
![Consider the rental market for apartments depicted below.
Suppose excess supply at P3 is 39 units.
What is Q2 ?
Rental Market
Market
Quantity Demanded
Demand
Price
55
Dwight
Ronald
George
Warren
Calvin
3
Theodore
6
12
50
45
2
3
4
26
5
5
14
35
40
3
3
6
16
40
30
5
10
18
45
25
4
12
14
15
20
52
58
68
P3
20
3
4
6
9
22
15
3
7
10
24
10
4
9
16
11
26
73
4
8
10
17
12
28
79
Market
Quantity Supplied
Supply
Price
Barrack
Bill
Robert
Harry
Jimmy
Lyndon
17
16
P2
55
28
26
12
11
10
79
50
16
4
80
45
24
10
15
15
14
74
40
22
14
4
66
30
17
6
4
45
2
2
2
25
17
6.
3
3
40
20
15
16
8
8
3
43
13
35
10
12
4
4
2
27
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feccec6d0-6dc1-4b89-b4c4-ae947d8e36a9%2F2557dc00-1285-4cab-b34b-bc75f73e8218%2Fviisnd5j_processed.png&w=3840&q=75)
Transcribed Image Text:Consider the rental market for apartments depicted below.
Suppose excess supply at P3 is 39 units.
What is Q2 ?
Rental Market
Market
Quantity Demanded
Demand
Price
55
Dwight
Ronald
George
Warren
Calvin
3
Theodore
6
12
50
45
2
3
4
26
5
5
14
35
40
3
3
6
16
40
30
5
10
18
45
25
4
12
14
15
20
52
58
68
P3
20
3
4
6
9
22
15
3
7
10
24
10
4
9
16
11
26
73
4
8
10
17
12
28
79
Market
Quantity Supplied
Supply
Price
Barrack
Bill
Robert
Harry
Jimmy
Lyndon
17
16
P2
55
28
26
12
11
10
79
50
16
4
80
45
24
10
15
15
14
74
40
22
14
4
66
30
17
6
4
45
2
2
2
25
17
6.
3
3
40
20
15
16
8
8
3
43
13
35
10
12
4
4
2
27
2
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