Answered

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HEEEELP ASAP
Assume the figure to the right illustrates the market for houses for sale in a small city.
Suppose the market price of houses is $200,000. How large will the resulting surplus be?
At a price of $200,000, there will be ______ surplus houses. (Enter your response as a whole number.)
What is the equilibrium price of houses?
The equilibrium price is $____. (Enter your response as a whole number.)

HEEEELP ASAP Assume The Figure To The Right Illustrates The Market For Houses For Sale In A Small City Suppose The Market Price Of Houses Is 200000 How Large Wi class=

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Parrain

If the market price was $200,000, the surplus would be 400 houses. The equilibrium price is $150,000.

Surplus at $200,000

The surplus can be found by the formula:

= Houses supplied at $200,000 - Houses demanded at same price

Solving gives:

= 800 houses - 400 houses

= 400 houses

Equilibrium price

This is the price at which the Supply and demand curves intersect.

This price is $150,000.

Find out more on the equilibrium price at https://brainly.com/question/22569960.

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