What happens in the immediate short run and over a period of time when rent control...
What happens in the immediate short run and over a period of time when rent control is abolished in any city?
Homework Answers
Tenants are already in the rent
agreement with the landlords. So, they will pay the same rent as
they are paying in the immediate short run. Further, the apartments
or facilities not being used, will also not be able to be supplied
in the immediate short term, as these properties are used in other
purposes. But, over a period of time, market clearing equilibrium,
of rent will be achieved. It will cause demand of rented properties
will be equal to the supply and shortage from the market will be
eliminated over a period of time.
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What happens in the immediate short run and over a period of
time when rent control...
In macroeconomics, the immediate short run is known as a length of time when both input...
In macroeconomics, the immediate short run is known as a length of time when both input prices and output prices are fixed. In the short-run, input prices are fixed but output prices are variable. In the long run, input prices and output prices can vary. • What happens in the immediate short-run when AD falls from AD to AD2 to the price level and output? • What happens in the short-run when AD falls from AD to AD2 to the...
7. The market for rental housing in Berkeley is subject to rent-control. Before rent control, the...
7. The market for rental housing in Berkeley is subject to rent-control. Before rent control, the compet itive equilibrium was at Pc and Q. Rent control limits the price a landlord can charge to P. The short-run supply curve is upwards sloping, and long-run supply is horizontal. (a) Is this a constant cost industry? Why? (b) What is the difference between the short-run and the long-run supply curve? (c) Comment on the efficiency of the competitive equilibrium. Is it Pareto...
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7. The market for rental housing in Berkeley is subject to rent-control. Before rent control, the compet itive equilibrium was at Pc and Q. Rent control limits the price a landlord can charge to P. The short-run supply curve is upwards sloping, and long-run supply is horizontal. (a) Is this a constant cost industry? Why? (b) What is the difference between the short-run and the long-run supply curve? (c) Comment on the efficiency of the competitive equilibrium. Is it Pareto...
2. Describe what happens to output, price, and economic profit in the short run and in the long run in a competitive market following: a) An increase in demand. b) A decrease in demand. c) The adoption of a new technology that lowers production costs.
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a. In the accompanying graph, place Supplyto represent an immediate run supply curve at a quantity of five. Supply2 represents a short run supply curve and Supplyrepresents a long run supply curve. Supply, Supply - - Price (5) - Supply 7 8 9 10 4 5 6 Quantity (units) Assume that the price of this good increases from $5 to $7. b. What is the quantity supplied in the immediate run when the price increases to $7? units c. What...
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