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Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026 Exercise 7
In a small town there's only one construction company that builds new homes. The following table lists the number of new homes built in a year at different selling prices.
a) How many homes are built if the price is $250,000 per home?
b) How many homes are built if the price is $150,000 per home?
c) Do your answers to (a) and (b) reflect the law of supply or the law of demand?
d) Plot the supply schedule for new homes on a graph.
a) How many homes are built if the price is $250,000 per home?
b) How many homes are built if the price is $150,000 per home?
c) Do your answers to (a) and (b) reflect the law of supply or the law of demand?
d) Plot the supply schedule for new homes on a graph.
Explanation
Verified
Verified
Consider the below given table
a)In t...
Economics: The Basics 1st Edition by Mike Mandel
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