Draw the market for smiths house

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Q. 1 The cost to drive on a freeway is $0 at all times of the day. This cost establishes equilibrium at 3 a.m. however is low to create equilibrium at 5 p.m. There is a shortage of freeway space at 5 p.m.

a. Graphically Explain how and explicate how carpooling may eliminate the shortage.

b. Graphically explain how and explicate how building more freeways may eliminate the shortage.

2 Diagrammatically explain how and Explicate why there is a shortage of classroom space for some college classes and a surplus for others.

3 Smith has been trying to sell his house for 6 months although so far there are no purchasers. Draw the market for Smith's house.

Reference no: EM139106

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