Homework Answers
Excess demand is difference between q_d & q_s
That is difference between e_d & e_s
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Some cities impose rent control laws, which are price controls or limits on the price of...
Effects of rent control Rent controls force landlords to price apartments below the equilibrium price level....
Effects of rent control Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. A) The quantity of available rental housing units falls. B) The future supply of rental housing units increases....
4. Effects of rent control Rent controls force landlords to price apartments below the equilibrium price...
4. Effects of rent control Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. a) Efficient use of housing space results. b) The quantity of available rental housing units falls. c)...
A) B) C) In the presence of the rent control, consumers’ surplus increased/decreased by 400/320/240/80 million per...
A)
B)
C) In the presence of the rent
control, consumers’ surplus increased/decreased by
400/320/240/80 million per month and producers’
surplus increased/decreased by
320/300/280/240 million per month. The
price ceiling on rent causes 960/480/320/160
million per month of deadweight loss.
D)
Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green...
Rent controls force landlords to price apartments below the equilibrium price level.
3. Effects of rent control Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. The quantity of available rental housing units fails. Landlords earn lower profits from renting housing units, but the rent charged has...
Back to Assignment Attempts: Do No Harm: /1 3. Effects of rent control Rent controls force...
Back to Assignment Attempts: Do No Harm: /1 3. Effects of rent control Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. The future supply of rental housing units increases. Black...
Questions 5-9 PLEASE! . In the absence of rent control, what would the equilibrium price and...
Questions 5-9 PLEASE!
. In the absence of rent control, what would the equilibrium
price and quantity be? What would be the increase from 2002 to 2003
in the quantity of housing supplied?
Multi-Part Question Suppose that in 2002 the market for rented apartments in Manhattan has the following supply and demand curves: Q 4000-P QS- -1000 + 4P where P is the monthly rent. What is the equilibrium price (rent) for an apartment? How many apartments are built and...
Rent controls force landlords to price apartments below the equilibrium price level.
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. Landlords earn lower profits from renting housing units, but the rent charged has no effect on either the quantity or quality of rental units Efficient...
Suppose the following graph shows the demand for, and supply of, apartments in New York City.
A) Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus.B) Suppose that the government decides to impose a rent control of $1,900 per month on rental...
Consider a college town where the initial price of rental apartments is $500 and the initial quantity is 3,000 apartmen...
Consider a college town where the initial price of rental apartments is $500 and the initial quantity is 3,000 apartments. The price elasticity of demand for apartments is 1.25, and the price elasticity of supply of apartments is 0.75. Use demand and supply curves to show the initial equilibrium, an label the equilibrium point a. Suppose that an increase in college enrollment is expected to increase the demand for apartments in the college town by 30 percent. Use your graph...
A)
B)
C) In the presence of the rent
control, consumers’ surplus increased/decreased by
400/320/240/80 million per month and producers’
surplus increased/decreased by
320/300/280/240 million per month. The
price ceiling on rent causes 960/480/320/160
million per month of deadweight loss.
D)
Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green...
Back to Assignment Attempts: Do No Harm: /1 3. Effects of rent control Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. The future supply of rental housing units increases. Black...
Questions 5-9 PLEASE!
. In the absence of rent control, what would the equilibrium
price and quantity be? What would be the increase from 2002 to 2003
in the quantity of housing supplied?
Multi-Part Question Suppose that in 2002 the market for rented apartments in Manhattan has the following supply and demand curves: Q 4000-P QS- -1000 + 4P where P is the monthly rent. What is the equilibrium price (rent) for an apartment? How many apartments are built and...
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