Answered

Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

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=

Sagot :

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.

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.