1. Table 4.1

2. Quantity of Apartments Price of Apartments ($1000s) Supply
Supply
At a price of
$96,000…
…6 apartments are offered for sale
4.1 2

3. Quantity of Apartments Price of Apartments ($1000s) S1 S2 S1 S2
At a price of
$96,000…
…8 apartments are offered for sale
4.2 3

4. Price S2 S1
4.3
Quantity 4

5. Table 4.2

6. Quantity of Apartments Price of Apartments ($1000s)
At a price of $96,000…
…4 apartments are desired by buyers
Demand
4.4 6

7. Quantity of Apartments Price of Apartments ($1000s)
At a price of $96,000… D2
…8 apartments are desired by buyers
4.5 D1 7

8. Price D1
4.6 D2
Quantity 8

9. Quantity of Apartments Price of Apartments ($1000s) S
Surplus S E D
4.7
Shortage 9

10. Price of Apartments ($1000s) S2
Surplus E1
Price of Apartments ($1000s) E2 D
4.8
Quantity of Apartments 10 10

11. Quantity of Apartments Price of Apartments ($1000s) S S E2 E1
Shortage D2 D1
4.9 11

12. Table 4.3

13. Price S2 S1 D
4.10a
Quantity 13

14. Price S2 S1
4.10b D
Quantity 14

15. Nasdaq Composite Stock Index
4.11 Source: Yahoo! Finance
Year 15

16. Table 4.ex1

17. S2
Price S1 P2 P1
4.ex3 D Q2 Q1
Quantity 17