Assume the figure to the right illustrates the market for houses for sale in a small city. 300- Suppose the market price of houses is $200,000. How large will the resulting surplus be? Suppl 275- 250- At a price of $200,000, there will be ☐ surplus houses. 225- (Enter your response as a whole number.) 200- What is the equilibrium price of houses? The equilibrium price is $ whole number.) (Enter your response as a Price ($1000s) 175- 150- 125- 100- Question Viewer 50 25- Demar 0- 0 200 400 600 800 1000 1 Quantity (houses)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Question

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

Assume the figure to the right illustrates the market for
houses for sale in a small city.
300-
Suppose the market price of houses is $200,000. How
large will the resulting surplus be?
Suppl
275-
250-
At a price of $200,000, there will be ☐ surplus houses.
225-
(Enter your response as a whole number.)
200-
What is the equilibrium price of houses?
The equilibrium price is $
whole number.)
(Enter your response as a
Price ($1000s)
175-
150-
125-
100-
Question Viewer
50
25-
Demar
0-
0
200
400
600
800
1000 1
Quantity (houses)
Transcribed Image Text:Assume the figure to the right illustrates the market for houses for sale in a small city. 300- Suppose the market price of houses is $200,000. How large will the resulting surplus be? Suppl 275- 250- At a price of $200,000, there will be ☐ surplus houses. 225- (Enter your response as a whole number.) 200- What is the equilibrium price of houses? The equilibrium price is $ whole number.) (Enter your response as a Price ($1000s) 175- 150- 125- 100- Question Viewer 50 25- Demar 0- 0 200 400 600 800 1000 1 Quantity (houses)
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