answer #3 onlhy Task 2 - Below is a hypothetical demand and supply for apartments. Answerthe following questions below using as basis the schedule given:Rent/Month(Php)Number of Apts.Demanded/MonthNumber of Apts.Supplied/Month120.000200100,00020,00040080,00040.00060060,00060.00080040.00080,000100020,000100,0001200120.0001. Draw the demand and supply curves for apartments using the schedule above.2. What is the equilibrium rent per month? At this rent, what is the number ofapartments demanded and supplied per month?3. At P400 rent per month what will be the demand and supply of apartments? Wllthere be a surplus or shortage of supply? Explain your answer.4. At 800 rent per month what will be the demand and supply of apartments? Willthere be a surplus or shortage of supply? Explain your answer.

"Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Answered: Task 2 - Below is a hypothetical demand…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter19: Using Economics To Understand The World Around You

Section: Chapter Questions

Problem 5E

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