Homework Answers
From the graph ,we can see that at the equilibrium : In Ohio , the rent is $1600 per month and 3 thousand apartments are rented.
If a rent ceiling of $2000 a month is set,the rent is $1600 a month and 3 thousand apartments are rented (because rent ceiling above equilibrium has no effect on quantity and market works as if there were no ceiling).
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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)
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Rent (dollars per month) 0 1 2 3 4 5 6 Quantity (thousands of apartments per...
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1. Given the following horizontal curve and spiral data: Total tangent deflection angle (A) = 30°...
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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...
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