Homework Answers
4) B) 3000
Rent ceiling is nonbinding if it is set above equilibrium rent.
5) B) $600
Rent remains at the equilibrium level.
6) A) 2000
At rent of 400, apartments supplied is 2000
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Rent (dollars per month) 0 1 2 3 4 5 6 Quantity (thousands of apartments per...
Rent (dollars per month) 2 3 4 Quantity (thousands of apartments per month) 4) The figure...
Rent (dollars per month) 2 3 4 Quantity (thousands of apartments per month) 4) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct. 5) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, what...
É1,000 800 600 400 200 1 3 5 6 Quantity (thousands of apartments per month) The figure above shows the demand for a...
É1,000 800 600 400 200 1 3 5 6 Quantity (thousands of apartments per month) The figure above shows the demand for and supply of rental housinng in Smallton. If a rent ceiling is set at $400, there is A) a surplus of 3,000 units of rental housing. B) a shortage of 4,000 units of rental housing. C) a shortage of 2,000 units of rental housing. D) neither a shortage nor a surplus of rental housing.
Figure 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5...
Figure 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1.000 per month. 2) 2) Refer to Figure 4-5. Suppose that instead of a rent ceiling, the government imposed a price floor of 12,000 per month for apartments. What is the quantity of apartments demanded at the new price? B) 200 C) 300 D) 500 A) 3) Refer to...
.1. The table below shows the demand for and supply of rental housing in Windhoek. The...
.1. The table below shows the demand for and supply of rental housing in Windhoek. The city govemment is considering imposing a rent ceiling of NS700 a month. Help the government to analyze the effects of the proposed rent ceiling. dollars per month) (units per month units per month) 500 600 700 800 900 1,200 1,000 800 600 400 200 100 0 100 Draw the demand and supply curves. With no rent ceiling, what is the rent and how many...
18 Suppose that the demand and supply schedules for rental apartments in the city of Gotham...
18 Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. Instructions: Enter your answers as whole numbers. a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price is: Market equilibrium quantity is: b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,500, will there be...
Figure 1. Market for Rental Apartments in Alpha City $2,000 Supply $1,800 $1,600+ $1,400 + $1,200...
Figure 1. Market for Rental Apartments in Alpha City $2,000 Supply $1,800 $1,600+ $1,400 + $1,200 + MONTHLY RENT $1,0 +---- $800 $600 $400+ Demand $200 + 0 200 400 600 800 1,000 QUANTITY 1,200 1,400 1,600 1,800 2,000 PART 2 The mayor of Alpha City has decided to build a new public park, and to pay for it with a new tax. She is currently considering placing the tax either on rental apartments or luxury watches, and she has...
FIGURE 6.1 Problems 1 and 2 4. a. What are the equilibrium rent and equilibrium quantity...
FIGURE 6.1 Problems 1 and 2 4. a. What are the equilibrium rent and equilibrium quantity of rental housing? The equilibrium quantity is 20000 houses for a 450$/month rent. b. If a rent ceiling is set at $600 a month, what is the rent paid? What is the shortage of housing? Rent (dollars per month) 150 5. If the rent ceiling is $300 a month, what is the quantity rented, the shortage of housing, and the maximum price that someone...
Incorrect Question 4 0/1 pts Supply Rent ceiling Demand Quantity of apartments Refer to the figure...
Incorrect Question 4 0/1 pts Supply Rent ceiling Demand Quantity of apartments Refer to the figure above. Which surface(s) describe(s) the consumers dead-weight loss, as a result of this price ceiling? O B+C D+E C+E
Suppose that the demand and supply schedules for rental apartments In the city of Gotham are...
Suppose that the demand and supply schedules for rental apartments In the city of Gotham are as given in the table below. Apartments Demanded Apartments Supplied 15,000 Monthly Rent 2.500 10,000 2,000 1,500 1,000 500 12,500 15,000 17.500 20,000 12,500 10,000 7.500 5,000 Instructions: Enter your answers as whole numbers a What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price is per month Market equilbtum quantity...
Suppose that in 2002 the market for rented apartments in Manhattan has the following supply and...
Suppose that in 2002 the market for rented apartments in Manhattan has the following supply and demand curves: Q 4000-P 1000+4P where P is the monthly rent. What is the equilibrium price (rent) for an apartment? How many apartments are built and rented out? Now suppose the government imposes rent control, ruling that rents may not rise above $500. What is the excess demand (shortage) of apartments? What is the total deadweight loss (in dollars)? In 2003 the population of...
Rent (dollars per month) 2 3 4 Quantity (thousands of apartments per month) 4) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, how many apartment units are rented? A) 2,000 B) 3,000 C) 4,000 D) None of the above answers is correct. 5) The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $800, what...
É1,000 800 600 400 200 1 3 5 6 Quantity (thousands of apartments per month) The figure above shows the demand for and supply of rental housinng in Smallton. If a rent ceiling is set at $400, there is A) a surplus of 3,000 units of rental housing. B) a shortage of 4,000 units of rental housing. C) a shortage of 2,000 units of rental housing. D) neither a shortage nor a surplus of rental housing.
Figure 4-5 Price (dollars per month $2,500 2.000 Demand 0 200400 800 Quantity (apartments) Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1.000 per month. 2) 2) Refer to Figure 4-5. Suppose that instead of a rent ceiling, the government imposed a price floor of 12,000 per month for apartments. What is the quantity of apartments demanded at the new price? B) 200 C) 300 D) 500 A) 3) Refer to...
.1. The table below shows the demand for and supply of rental housing in Windhoek. The city govemment is considering imposing a rent ceiling of NS700 a month. Help the government to analyze the effects of the proposed rent ceiling. dollars per month) (units per month units per month) 500 600 700 800 900 1,200 1,000 800 600 400 200 100 0 100 Draw the demand and supply curves. With no rent ceiling, what is the rent and how many...
Figure 1. Market for Rental Apartments in Alpha City $2,000 Supply $1,800 $1,600+ $1,400 + $1,200 + MONTHLY RENT $1,0 +---- $800 $600 $400+ Demand $200 + 0 200 400 600 800 1,000 QUANTITY 1,200 1,400 1,600 1,800 2,000 PART 2 The mayor of Alpha City has decided to build a new public park, and to pay for it with a new tax. She is currently considering placing the tax either on rental apartments or luxury watches, and she has...
FIGURE 6.1 Problems 1 and 2 4. a. What are the equilibrium rent and equilibrium quantity of rental housing? The equilibrium quantity is 20000 houses for a 450$/month rent. b. If a rent ceiling is set at $600 a month, what is the rent paid? What is the shortage of housing? Rent (dollars per month) 150 5. If the rent ceiling is $300 a month, what is the quantity rented, the shortage of housing, and the maximum price that someone...
Incorrect Question 4 0/1 pts Supply Rent ceiling Demand Quantity of apartments Refer to the figure above. Which surface(s) describe(s) the consumers dead-weight loss, as a result of this price ceiling? O B+C D+E C+E
Suppose that the demand and supply schedules for rental apartments In the city of Gotham are as given in the table below. Apartments Demanded Apartments Supplied 15,000 Monthly Rent 2.500 10,000 2,000 1,500 1,000 500 12,500 15,000 17.500 20,000 12,500 10,000 7.500 5,000 Instructions: Enter your answers as whole numbers a What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price is per month Market equilbtum quantity...
Suppose that in 2002 the market for rented apartments in Manhattan has the following supply and demand curves: Q 4000-P 1000+4P where P is the monthly rent. What is the equilibrium price (rent) for an apartment? How many apartments are built and rented out? Now suppose the government imposes rent control, ruling that rents may not rise above $500. What is the excess demand (shortage) of apartments? What is the total deadweight loss (in dollars)? In 2003 the population of...
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