Apply the demand and supply analysis

Reference no: EM133714331

Question: Supply and Demand Assignment This assignment asks you to apply the demand and supply analysis to a particular market situation. Read along and answer the questions as they come along. The city of Willamsport, Pennsylvania is a small city in central Pennsylvania -- not near any large cities. For 2 weeks each summer it hosts the Little League World Series (LLWS). This event draws teams of young baseball players from around the world, and also many of their parents travel to Williamsport to see their kids play in this once-in-a-lifetime event. The hotels and motels around Williamsport are all full, so there is a large demand for accommodation for these guests that is met by homeowners in Williamsport putting their own homes on the market through AirBnB. Assume that there are many homeowners in Williamsport who are willing to rent out their homes during the LLWS. Assume all these homes are similar size and all within short distance to the location where the games are played. All homeowners listing their homes as available on AirBnB can see the prices that other homeowners are offering for their similar homes.

Reference no: EM133714331

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