Question: 1. Using the new demand in Figure 3.7 as a guide, determine the size of the market surplus or shortage that would exist at a

1. Using the "new demand" in Figure 3.7 as a guide, determine the size of the market surplus or shortage that would exist at a price of (a) $40 (b) $20 LOS 2. Based on the News Wire "Supply Shift,"LO3, LO5 a. what is the initial (pre-hurricane) equilibrium rent per month? b. how large is the pre-hurricane shortage?

1. Using the "new demand" in 6 Figure 3.7 as a guide, determine the size of the market surplus or shortage that would exist at a price of (a) $40(b)$20 () 105 2. Based on the News Wire "Supply Shift," 1.03 , 1.05 1.05 a. what is the initial (pre-hurricane) equilabriun rent per month? b. how large is the pre-hurricane shortage

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