The citizens of a fictional city called Christmas Town suffer from exceptionally bad weather compared to other similar cities in the country. Let us analyze the real estate market in Christmas Town. The following graph shows the supply and demand for housing in Christmas Town. The curve labeled Supply represents the supply of housing in city, and the curve labeled D₁ represents the demand for housing if the weather were not so bad. Adjust the following graph to show the position of the demand curve given that the weather is bad. PRICE (Local Curency) 150 135 120 105 90 75 60 45 30 15 0 0 12 Supply 24 36 48 60 72 84 96 QUANTITY (Housing in Christmas Town) D₁ Based on the graph, the price of housing 108 120 to $ O D₁ O Supply (?)
The citizens of a fictional city called Christmas Town suffer from exceptionally bad weather compared to other similar cities in the country. Let us analyze the real estate market in Christmas Town. The following graph shows the supply and demand for housing in Christmas Town. The curve labeled Supply represents the supply of housing in city, and the curve labeled D₁ represents the demand for housing if the weather were not so bad. Adjust the following graph to show the position of the demand curve given that the weather is bad. PRICE (Local Curency) 150 135 120 105 90 75 60 45 30 15 0 0 12 Supply 24 36 48 60 72 84 96 QUANTITY (Housing in Christmas Town) D₁ Based on the graph, the price of housing 108 120 to $ O D₁ O Supply (?)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The citizens of a fictional city called Christmas Town suffer from exceptionally bad weather compared to other similar cities in the country. Let us
analyze the real estate market in Christmas Town.
The following graph shows the supply and demand for housing in Christmas Town. The curve labeled Supply represents the supply of housing in the
city, and the curve labeled D₁ represents the demand for housing if the weather were not so bad.
Adjust the following graph to show the position of the demand curve given that the weather is bad.
PRICE (Local Curency)
150
135
120
105
90
75
60
45
30
15
0
0
12
24
Supply
D
36 48 60 72 84 96 108 120
QUANTITY (Housing in Christmas Town)
Based on the graph, the price of housing
to $
D₁
O
Supply
(?)
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