Consider the rental market for apartments depicted below.Suppose excess supply at P3 is 39 units.What is Q3 ? Rental MarketQuantity DemandedMarketDemandPriceDwightRonaldGeorgeWarrenCalvinTheodore5565045123412263525651440302522586161820403107.12455246P3201536149225831510246810416112673541017122879MarketQuantity SuppliedSupplyP2Price55Barrack28HarryBillLyndon1716Robert1016Jimmy121110798045026247.4.3454030252015157742214144366176.97445176.40162.6.53Q2433515136610121434427527

Equilibrium level in rental market would be achieved at the price level where the quantity demanded…

Rental Market Market Demand Quantity Demanded Price 55 50 Ronald George Warren 2. 4. Dwight Theodore Calvin 3. 6. 2 3 4. 12 26 45 2 2 2 2 14 40 30 35 40 45 16 18 20 22 24 3 4 25 20 15 10 12 14 15 52 58 68 73 P3 3 6. 10 10 4 7. 16 11 26 4 10 17 12 28 79 Market Quantity Supplied Supply Price 55 50 Barrack 28 26 P2 Bil Lyndon 17 16 Robert 10 16 Harry 8. Jimmy 12 79 80 74 66 45 11 4 45 40 24 22 10 15 14 15 3 14 30 17 25 20 15 10 5 17 16 13 3 2 2 2 40 8. 3. 43 35 5 12 4 3 4 2 4. 2 27 7 P,

Rental Market Market Demand Quantity Demanded Price 55 50 Ronald George Warren 2. 4. Dwight Theodore Calvin 3. 6. 2 3 4. 12 26 45 2 2 2 2 14 40 30 35 40 45 16 18 20 22 24 3 4 25 20 15 10 12 14 15 52 58 68 73 P3 3 6. 10 10 4 7. 16 11 26 4 10 17 12 28 79 Market Quantity Supplied Supply Price 55 50 Barrack 28 26 P2 Bil Lyndon 17 16 Robert 10 16 Harry 8. Jimmy 12 79 80 74 66 45 11 4 45 40 24 22 10 15 14 15 3 14 30 17 25 20 15 10 5 17 16 13 3 2 2 2 40 8. 3. 43 35 5 12 4 3 4 2 4. 2 27 7 P,

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

Consider the rental market for apartments depicted below.

Suppose excess supply at P₃ is 39 units.

What is Q₃ ?

Rental Market
Quantity Demanded
Market
Demand
Price
Dwight
Ronald
George
Warren
Calvin
Theodore
55
6
50
45
1
2
3
4
12
26
35
2
5
6
5
14
40
30
25
2
2
5
8
6
16
18
20
40
3
10
7.
12
45
52
4
6
P3
20
15
3
6
14
9
22
58
3
15
10
24
68
10
4
16
11
26
73
5
4
10
17
12
28
79
Market
Quantity Supplied
Supply
P2
Price
55
Barrack
28
Harry
Bill
Lyndon
17
16
Robert
10
16
Jimmy
12
11
10
79
80
4
50
26
24
7.
4.
3
45
40
30
25
20
15
15
7
74
22
14
14
4
3
66
17
6.
9
7
4
45
17
6.
40
16
2.
6.
5
3
Q2
43
35
15
13
6
6
10
12
1
4
3
4
4
27
5
2
7

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