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 24 3,250 12,500 17,500 2,750 15,000 15,000 2,250 17,500 12,500 1,750 20,000 10,000 1,250 22,500 7,500
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 24 3,250 12,500 17,500 2,750 15,000 15,000 2,250 17,500 12,500 1,750 20,000 10,000 1,250 22,500 7,500
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 13CTQ: Think back to a purchase that you made recently. How would you describe your thinking before you...
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5
enter your answer as whole numbers
A. What is the market equilibrium rental price per month and the market equilibrium number of apartments demand and supplied?
market equivalent rental price is:
______ per month
B. If the local government can enforce a rental control law that sets the maximum monthly rent at $2250 will there be a surplus or a shortage? ______
Of how may units
______ apartments per month
How many units will actually be rented each month?
________ apartments
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 $3,250 per month. If the government can enforce that price floor will there be a surplus or a shortage? _______
Of how many units?
_______ apartments per month
how many units will actually be rented each month?
_______ apartments 

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