Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the following table. Monthly Rent Apartments Demanded Apartments Supplied $ 2,500 10,000 15,000 $ 2,000 12,500 12,500 $ 1,500 15,000 10,000 $ 1,000 17,500 7,500 $ 500 20,000 5,000 a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price = $ Market equilibrium quantity = apartments I have no idea how to solve this problem

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Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.