ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:Suppose the demand and supply graph below represents what has happened in the housing market in a
popular, growing city similar to San Francisco. Using the prices and quantities given on the graph,
answer the following questions. Use the mid-point method we used in class for calculating percentage
change.
Price, in A
$1,000s
S
$400
$200
500
520
D1
Do
Quantity, in thousands
Calculate the value of price elasticity of supply. Round your answer to two decimal places.
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