The city now has a shortage or surplus of how many apartments? The table contains the demand and supply schedule for apartments in a city. Suppose the city council feels that the equilibriumrent is too high and imposes a price ceiling of $750/month.Rent/monthQuantity demandedQuantity supplied$1,7503004800$1,5006002400$1,25012001200$1,0002400600$7504800300

Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Answered: The table contains the demand and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Price(per bottle) Quantity supplied Normal timesquantity demanded Hurricanequantity demanded $6 100 25 75 $5 85 35 85 $4 70 45 95 $3 55 55 105 $2 40 65 115 $1 25 75 125 Concerned with citizen complaints of price gouging during past hurricanes, Florida's state government passes a law setting a price ceiling for a bottle of water equal to the market equilibrium price during normal times. After all, it seems unfair that sellers of water gain because of a hurricane. During a hurricane, there would be a shortage of bottles of water. Without the antiprice gouging law, consumers would have to pay $ more than the ceiling price, but they would be able to buy more bottles of water.
The demand and supply curves for a product are given in terms of price, P , by 3400 – 30p and 9 = 10p – 600. (a) Find the equilibrium price and quantity. The equilibrium price is 2$ and the equilibrium quantity is units. (b) A specific tax of $16 per unit is imposed on suppliers. Find the new equilibrium price and quantity. The new equilibrium price (including tax) is $ and the new equilibrium quantity is units. (c) How much of the $16 tax is paid by consumers and how much by producers? The tax paid by the consumer is $ and the tax paid by the producer is 2$ of the tax. (d) What is the total tax revenue received by the government? The total tax revenue received by the government is
Qd=25000-2P Qs=1000+1P Calculate the equilibrium of price and quantity of a housing unit
Analyze the factors that affect the demand for residential renting with examples
In a market which demand and supply curves are shown below: Price ($/hour) 36- 32 28- 24 20- 16 12- 8- 4- 0 Demand Supply 1000 2000 3000 4000 5000 6000 7000 Quantity (units/day) a) Calculate the consumer surplus for the market. (If necessary round your answer to the nearest whole number.) Consumer Surplus = $0 b) Calculate the producer surplus for the market. (If necessary round your answer to the nearest whole number.) Producer Surplus = $0
Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 Use the information provided in Table to plot the price ceiling of $400 onskateboards.
p ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORT
The table shows the demand and supply schedules for on-campus housing. If the college puts a rent ceiling on rooms of $350 a month, rent is $7 and the number of rooms rented is 4. The on-campus housing market is inefficient Rent (dollars per month) 250 275 300 325 350 375 Quantity demanded 2,500 2,250 2,000 1,750 1,500 1,250 (rooms) Quantity supplied 2,000 2,000 2,000 2,000 2,000 2,000 Next
What is the value of consumer surplus after the imposition of the ceiling? A) $120,00 B) $230,00 C) $ 270,00 D) $430,00 | E) $460,000 Price (dollars per month) $2,300 2,000 1,500 1,000 600 C ง 0 200 300 500 Supply Demand Quantity (apartments)
Refer to the figure below. If the government sets a price ceiling of $6, 18 16 14 12 10 8 6 4 2 2 4 4 68 10 12 14 16 18 there would be a shortage of 14 units. D₁ there would be an excess supply of 6 units. There would be a shortage of 4 units. consumers would demand 14 units.
Consider the market for bus travel, where equilibrium price and quantity is determined by demand and supply. If bus travel is an inferior good and there is an increase in income and at the same time, the government subsidises bus travel, which of the following will occur? (a) The equilibrium price and quantity will be lower. (b) The equilibrium quantity will be higher, but the impact on price will be unknown. (c) The equilibrium price will be lower, but the equilibrium quantity will be higher. (d) The equilibrium price will be lower, but the impact on quantity will be unknown.
Apartments Rent (S/month) 800 D 2,000 Quantity of apartments In the market for apartments above, landlords are providing 2,000 apartments at $800/month each. In an effort to help low-income residents find more places to live, your city council establishes a ceiling of $600/month on rents. How many apartments will landlords provide after the council does this? Select one: a. As many, as there are low-income residents able to afford one at $600/month. Ob. 800. Oc. 2,000. O d. Less than 2,000. ge Next page

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS