Order the answer to: Suppose that we have 8…
|Question||(a) Plot the market demand curve in the following graph.
(b) Suppose the supply of apartments is fixed at 5 units. In this case there is a whole range of prices that will be equilibrium prices. What is the highest price that would make the demand for apartments equal to 5 units?
(c) What is the lowest price that would make the market demand equal to 5 units?
(d) With a supply of 4 apartments, which of the people A??H end up getting apartments?
(e) What if the supply of apartments increases to 6 units. What is the range of equilibrium prices?
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