When a realtor helps with a property transaction, they are compensated by taking a certain percentage of the sales price of the property. The following table shows the hypothetical property transaction data for the imaginary country of Purnululu. Using the data to answer the questions that follow. (Hint: Make sure to pay attention to the units reported in the table and requested by the prompts.) Type of Property Transaction New residential houses Used residential houses New factories Old factories Quantity (in thousands) 25 The value of new factories counts toward 150 20 30 Average Price (in thousands) $400 $250 $1,500 $800 The increase in GDP due to the sales of new and used houses and factories is Realtor Fees (percent) 1.0% 5.0% 2.0% 2.0% The value of used residential houses counts toward million dollars.

When a realtor helps with a property transaction, they are compensated by taking a certain percentage of the sales price of the property. The following table shows the hypothetical property transaction data for the imaginary country of Purnululu. Using the data to answer the questions that follow. (Hint: Make sure to pay attention to the units reported in the table and requested by the prompts.) Type of Property Transaction New residential houses Used residential houses New factories Old factories Quantity (in thousands) 25 The value of new factories counts toward 150 20 30 Average Price (in thousands) $400 $250 $1,500 $800 The increase in GDP due to the sales of new and used houses and factories is Realtor Fees (percent) 1.0% 5.0% 2.0% 2.0% The value of used residential houses counts toward million dollars.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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