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Question 1

An agent listed a property for $600,000 using the MLS and scheduled a showing for an open house Sunday afternoon. The property received lots of foot traffic and the agent ran out of sales sheets as a result. Near the end of the day, the listing agent noticed a very expensive car approach the open house and jumped at the opportunity to pitch a sale to this potential buyer. In an attempt to obtain the highest price, the agent gave a new sales price of $800,000 in a verbal description. The agent is guilty of

A – steering.

B – conciliation.

C – violating Civil Rights.

D – violating advertising guidelines.

Question 2

When the seller lacks knowledge of an item on the property condition disclosure, the listing agent should

A – provide an implied warranty instead.

B – waive all inspections.

C – complete the form for the client.

D – notify the buyer’s agent.

 
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Sketch a supply curve graph illustrating a student’s willingness to offer tutoring services. e student, call her Lena, is willing to tutor for three hours per week if she receives $10/hour. If Lena receives $15 per hour, she is willing to tutor for five hours per week. If she can charge $20 per hour, she would tutor for seven hours per week. Lastly, if Lena receives $25 per hour, she is willing to tutor for nine hours per week. Carefully label the vertical and horizontal axes. Then describe one situation that would increase Lena’s supply of tutoring services, and one situation that would decrease Lena’s tutoring supply.

 
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Verbally explain the difference between a range in “quantity supplied” and a range in supply. Considering the supply side of the market for lawn-mowing services, what kind of range (increase or decrease, in quantity supplied or supply) would each of the following events cause?

a. There is a rise in the price of gasoline used to run power mowers.

b. There is a rise in the going price for lawn-mowing services.

c. More people decide to offer to mow lawns.

d. A new lawn mower is invented that is cheap and makes it possible to mow lawns at a lower cost.

 
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Braeburn Publishing decides to try to cut its costs of printing books by cutting the price that it offers to companies that supply it with paper.

a. Suppose that the supply is perfectly price inelastic (at least in the short run), because Braeburn buys the entire output of the Morales Paper Company. Because it has no other customers (for now), Morales has no choice but to sell to Braeburn. Illustrate on a graph what will happen to the quantity that Braeburn buys, the price that it pays, and the amount that it will spend on paper when it offers a lower price for paper.

b. Suppose, instead, that the supply of paper is very (but not perfectly) price elastic, because all the companies that sell paper to Braeburn can easily sell their paper elsewhere. Illustrate on a graph what will happen to the quantity that Braeburn will be able to buy, the price that it will pay, and the amount that it will spend on paper, if it follows through with its plan to offer a lower price.

 
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