Consider the rental market for apartments depicted below. Suppose excess supply at P3 is 39 units. What is P₂?

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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Consider the rental market for apartments depicted below.
Suppose excess supply at P3 is 39 units.
What is P2 ?
Rental Market
Quantity Demanded
Market
Demand
Price
Dwight
Ronald
George
Warren
Calvin
Theodore
55
3
50
1
2
3
4
12
14
26
45
2
35
40
3
3
16
40
30
10
18
45
25
4
6
12
14
15
8
20
52
P3
20
22
24
58
15
3
7
10
68
10
4
16
11
26
28
73
4
10
17
12
79
Market
Quantity Supplied
Supply
Price
Barrack
28
26
Bill
P2
Lyndon
17
Robert
10
Harry
Jimmy
55
12
79
50
45
11
16
16
80
10
15
14
3
3
24
15
74
40
22
14
4
66
30
17
4
2
45
25
20
15
17
9
3
3
40
16
6
2
43
13
5
6
3
35
10
2
27
7
12
4
4
4
3
P,
Transcribed Image Text:Consider the rental market for apartments depicted below. Suppose excess supply at P3 is 39 units. What is P2 ? Rental Market Quantity Demanded Market Demand Price Dwight Ronald George Warren Calvin Theodore 55 3 50 1 2 3 4 12 14 26 45 2 35 40 3 3 16 40 30 10 18 45 25 4 6 12 14 15 8 20 52 P3 20 22 24 58 15 3 7 10 68 10 4 16 11 26 28 73 4 10 17 12 79 Market Quantity Supplied Supply Price Barrack 28 26 Bill P2 Lyndon 17 Robert 10 Harry Jimmy 55 12 79 50 45 11 16 16 80 10 15 14 3 3 24 15 74 40 22 14 4 66 30 17 4 2 45 25 20 15 17 9 3 3 40 16 6 2 43 13 5 6 3 35 10 2 27 7 12 4 4 4 3 P,
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