Determination of a House Price: Data Questions
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Question 1
This data response question requires you to run the simulation with the following input settings.
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Set the following input values;
- Household income - set at 24000
- Government building regulations - set to loose
- Rental prices - set to 750
Part a)
Construct a bar chart to present the output information.
Part b)
using demand and supply analysis, explain the changes in equilibrium price and quantity.
Part c)
explain why the outcome would be different if the YED was 1.2, and the CPED was 0.8.
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