Sketch the market for smith house

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1 The price to drive on a freeway is $0 at all times of the day. This price establishes equilibrium at 3 a.m. but is too low to establish equilibrium at 5 p.m. There is a shortage of freeway space at 5 p.m.

a. Graphically show and explain how carpooling may eliminate the shortage.

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

2 Diagrammatically show and explain 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 six months, but so far, there are no buyers. Draw the market for Smith's house.

Reference no: EM1363832

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