REAL 1820 Lecture Notes - Lecture 4: Demand Curve, Economic Equilibrium, Ebay
21 Sep 2016
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Document Summary
A model to analyze the real estate market. Market: it is a mechanism through which goods and services are exchanged among different participants, ex. By property type: single family market, apartment market, or. By geography, guelph, waterloo, etc: for any market, there should be price, for the real estate market. Rent: it is the price of occupancy rights for a specific period of time. It communicates how demand and supply forces determine the price in a market. Looking at the following example: the scalping market for sports ticket. How the ticket price is determined in this market. The demand curve shows how much of a good or service consumers want to buy at a given price. The law of demand a higher price of good, other things equal, leads to people demanding a lower quantity of the goods. Supply schedule shows how much of a good or service would be supplied at different prices.
