Economics for today

a) Present the data in a table and in a line graph, correctly titled and sourced.

b) Comment on the changes in the prices for the market for each of the five cities, and compare between cities, over this period. Discuss at least three possible economic factors affecting either demand or supply of house prices in general, using knowledge you have learned in this unit, with particular reference to Demand and Supply and Elasticity.
(4 marks)

c) Draw a hypothetical Demand and Supply diagram of the housing market in equilibrium. Explain what you understand by the term “market in equilibrium”.
Use the three factors identified in part (b) and using three separate graphs, show how changes in those factors have affected the market price and quantity.

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