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 a surplus or a shortage?
(Click to select) Surplus Shortage
Of how many units?
How many units will actually be rented each month?
c. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $2,500 per month. If the government can enforce that price floor, will there be a surplus or a shortage?
(Click to select) Surplus Shortage
Of how many units?
How many units will actually be rented each month?
d. Start at the original (correct) equilibrium price and quantity in part a. Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of housing would the government have to increase the supply of housing in order to get the market equilibrium rental price to fall to $1,500 per month?
To $1,000 per month?
To $500 per month?
18 Suppose that the demand and supply schedules for rental apartments in the city of Gotham...
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...
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...
19 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 Monthly Rent 2,500 2,000 1,500 1,000 500 12,500 15,000 17,500 20,000 22,500 17,500 15,000 12,500 10,000 7,500 b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or a shortage? (Click to select) Surplus Shortage Of how many units? apartments...
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. Monthly Rent Apartments Demanded 2,500 2,000 1,500 1,000 500 12,500 15,000 17,500 20,000 22,500 17,500 15,000 12,500 10,000 7,500 19 b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or a shortage? Cick to select Surplus Shortage Of how many units? apartments per month...
18 Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below Apartments Apartments Monthly Rent $2,500 2,000 1,500 1,000 500 Demanded 10,000 12,500 15,000 17,500 20,000 Supplied 15,000 12,500 10,000 7,500 5,000 C. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $2,500 per month. If the government can enforce that price...
19 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 Monthly Rent 2,500 2,000 1,500 1,000 500 12,500 15,000 17,500 20,000 22,500 17,500 15,000 12,500 10,000 7,500 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: S 15,000 per C....
18 Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below Apartments Apartments Monthly Rent $2,500 2,000 1,500 1,000 500 Demanded 10,000 12,500 15,000 17,500 20,000 Supplied 15,000 12,500 10,000 7,500 5,000 b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or a shortage? Of how many units? apartments per month How many units...
Suppose that the market inverse demand and supply schedules for rental apartments in the city of Auckland are as given by the following equations: Demand: P = 2700 – 0.12QD Supply: P = –300 + 0.12QS What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Show on graph If the local authority can enforce a rent-control law that sets the maximum monthly rent at $900, will there be a...
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $2,000, will there be a surplus or a shortage? c. Suppose that a new government is elected that wants to keep out the poor. It...
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. d. Start at the original (correct) equilibrium price and quantity in part a. Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of housing would the government have to increase the supply of housing in order to get the market equilibrium...