Homework Answers
When there is no trade, domestic prices $24.00 and domestic quantity is 15 units. Consumer surplus is the area between the demand curve and the price line. It is equal to the area of the triangle which is 0.5*(50-24)*15 = 195. Select option A
When the prices ceiling is fixed at 1000, producer surplus is reduced. The area of the producer surplus that goes to consumer is the area of the box that develops above the ceiling price. This area equals to (1500 - 1000)*200 = 100000. Select option B.
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The figure to the right shows the U.S. demand and supply for leather footwear. Price $50...
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...
QUESTION 15 Figure 9-1 Figure 9-1 shows the U.S. demand and supply for leather footwear. ...
QUESTION 15 Figure 9-1 Figure 9-1 shows the U.S. demand and supply for leather footwear. Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports? 5 units 10units 15 units 20 units 2 points QUESTION 16 Which of the following is a final good or service? the hair gels used by a hair stylist at the local hair salon the taco shells purchased by Taco...
The figure below shows the market for apartments in downtown Rochester. a) Suppose a rent ceiling...
The figure below shows the market for apartments in downtown
Rochester.
a) Suppose a rent ceiling of $600 is imposed. What is the
quantity of apartments supplied after the rent ceiling?
b) What is the quantity of apartments demanded after the rent
ceiling is imposed?
c) What is the change in producer surplus?
d) What is the change in consumer surplus?
e) The deadweight loss from the policy is
f) Suppose instead the rent ceiling is set at $1,500. The...
Figure 4-6 Price Supply Ront coling o, a* 0 Quantity of- Figure 4-6 shows the market...
Figure 4-6 Price Supply Ront coling o, a* 0 Quantity of- Figure 4-6 shows the market for apartments in Bay City. Recently, the government imposed a rent ceiling at Ro 12 Refer to Figure 4-6. What is the area that represents consumer surplus after the imposition of the ceiling? THERE ARE OTHER QUESTIONS ON THE TEST THAT REFER TO THIS SAME GRAPH. SCROLL TO FIND THE QUESTIONS WITH THIS SAME GRAPH AND WORK ON THEM TOGETHER. 15 n 2 Saved...
All the boxes are increase/decrease Rent Control 1000 In the figure to the right, the rent...
All the boxes are increase/decrease
Rent Control 1000 In the figure to the right, the rent control (price ceiling) of apartments is set to $300. Rent control the quantity of apartments, producer surplus from what it would be if the market were in equilibrium, consumer surplus from what it would be if the market were in equilibrium, and the total market surplus. 900- 800- Supply Price per apartment CS b Rent control Demand 0 300 700 1000 600 900 12:00...
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.
A rent ceiling set below the equilibrium rent ensures that landlords earn a reasonable rate of...
A rent ceiling set below the equilibrium rent ensures that landlords earn a reasonable rate of profit on apartments. creates a situation in which the quantity demanded of housing is greater than quantity supplied. ensures the availability of enough low-rent apartments in a city. results in all renters and potential renters being better off. 2 points QUESTION 13 In order to be effective, a price ceiling must lie below the free market equilibrium price. must lie above the free...
.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...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
Suppose in response to the COVID-19 pandemic, the government imposes a rent ceiling of $1,000 per...
Suppose in response to the COVID-19 pandemic, the government imposes a rent ceiling of $1,000 per month. [Questions 2-6 are related.] Refer to the figure. Suppose landlords ignore the law and rent their apartments for the highest rent they can get. What is the highest rent they can get per month? Price (dollars per month) $2,500 Supply 2,000 1,500 1,000 500 Demand 200 400 600 Quantity (apartments) OA. $1,000 OB. $1,500 C. $2,000 OD. $2,300 Reset Selection Refer to the...
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...
The figure below shows the market for apartments in downtown
Rochester.
a) Suppose a rent ceiling of $600 is imposed. What is the
quantity of apartments supplied after the rent ceiling?
b) What is the quantity of apartments demanded after the rent
ceiling is imposed?
c) What is the change in producer surplus?
d) What is the change in consumer surplus?
e) The deadweight loss from the policy is
f) Suppose instead the rent ceiling is set at $1,500. The...
Figure 4-6 Price Supply Ront coling o, a* 0 Quantity of- Figure 4-6 shows the market for apartments in Bay City. Recently, the government imposed a rent ceiling at Ro 12 Refer to Figure 4-6. What is the area that represents consumer surplus after the imposition of the ceiling? THERE ARE OTHER QUESTIONS ON THE TEST THAT REFER TO THIS SAME GRAPH. SCROLL TO FIND THE QUESTIONS WITH THIS SAME GRAPH AND WORK ON THEM TOGETHER. 15 n 2 Saved...
All the boxes are increase/decrease
Rent Control 1000 In the figure to the right, the rent control (price ceiling) of apartments is set to $300. Rent control the quantity of apartments, producer surplus from what it would be if the market were in equilibrium, consumer surplus from what it would be if the market were in equilibrium, and the total market surplus. 900- 800- Supply Price per apartment CS b Rent control Demand 0 300 700 1000 600 900 12:00...
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.
.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...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
Suppose in response to the COVID-19 pandemic, the government imposes a rent ceiling of $1,000 per month. [Questions 2-6 are related.] Refer to the figure. Suppose landlords ignore the law and rent their apartments for the highest rent they can get. What is the highest rent they can get per month? Price (dollars per month) $2,500 Supply 2,000 1,500 1,000 500 Demand 200 400 600 Quantity (apartments) OA. $1,000 OB. $1,500 C. $2,000 OD. $2,300 Reset Selection Refer to the...
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